Benefits March 2, 2004

Many Firms Still Foot Whole Health Bill

March 2, 2004 (PLANSPONSOR.com) - Executives at fast-growing companies may have dropped health-care providers from their Christmas lists, but many are still paying the entire or nearly the entire bill for their workplace health plans, a new survey found.
Reported by

In the City Business Journals Network (CBJN) poll, more than half (56%) listed health insurance as the area of their greatest concern. However, half still pay 100% of their health plan’s costs while another quarter of respondents shell out 75% of their company’s health tab.

Eight in 10 of the firms surveyed offer employee health insurance while the majority also feature other insurance coverage, including worker’s compensation, life insurance, dental insurance and disability insurance in addition to liability and property insurance. Fewer than 50% carry business owners and fleet car insurance.

The CBJN survey covered 714 of the fastest-growing companies in America defined as firms posting three consecutive years of double-digit revenue growth. Of that respondent group, 79% hold the title of CEO or President. The majority of fast-growing firms are in professional services and the technology sectors with an average size of 152 employees.

For more information, go to www.citybiznetwork.com.

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