{"id":2285,"date":"2021-09-01T21:34:09","date_gmt":"2021-09-01T21:34:09","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=2285"},"modified":"2023-10-18T14:37:45","modified_gmt":"2023-10-18T18:37:45","slug":"middle-market-businesses-and-employee-benefits-trends","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/middle-market-businesses-and-employee-benefits-trends\/","title":{"rendered":"Middle Market Businesses and Employee Benefits Trends"},"content":{"rendered":"
\"Person<\/figure>\n

Based on data from the American Express and Dun & Bradstreet \u201cMiddle Market Power Index,\u201d there are 179,782 companies in the middle market. Combined, they generate an estimated $9.3 trillion in annual revenues and employ approximately 52.7 million workers. <\/h2>\n

The comparison has been made that if the middle market was a nation, it would have the word\u2019s third largest economy. Given this data, it is easy to understand why the middle market is one of the most targeted for the sale of employee benefits. Understanding the trends in middle market employee benefits can help any broker, agent or carrier looking to increase its business within this desirable market.<\/p>\n

Decrease in HDHP Offerings, Increase in HSA Options<\/h3>\n

Benefitfocus\u00ae conducted a survey of midsize employers to gauge their state of employee benefits. The data was based on a four-year period from 2018-2021 of annual fall enrollment data from its midsize employer customers. What it uncovered is that while the number of these employers offering traditional health insurance options and those offering a combination of traditional health plans and high-deductible health plans (HDHP) has not changed much (approximately 50% for each year), the percentage of these employers offering only HDHPs has dropped almost 50% from 2018 to 2021, going from approximately 5% to around 2%. In contrast, there has been an increase by almost 40% in the number of midsize employers offering at least one health care spending account (HSA) plan.<\/p>\n

Middle Market Companies Steadily Increasing Their Voluntary Benefits<\/h3>\n

Middle market companies are on trend with the broader marketplace when it comes to voluntary benefits. With these benefits in high demand by employees, midsize companies have been progressively increasing their voluntary benefit offerings. The increases vary by voluntary product, for instance:<\/p>\n