This is one area where health care insurance costs are pretty affordable. We are a web design company in the sunny state of Florida, so these are our rates based on 10 to 20 employees.
From my understanding the larger you are, the cheaper the rates. Since the article /comments asked for typical rates, here is where we are at to compare. Not sure how many employees 42floors.com has, but $2,500 per year would probably be around 5 to 10 employees if they were all male.
STD/LTD Group Policies - Our rates are typically $21 to $60 per male employee and $71 to $150 per female employee per month. So it could add about $250 to $1,800 per employee depending on their salary and gender.
Maternity Leave - The good news is that this covers maternity leave of 3 months for our lady employees. This is a nice benefit to offer. It also explains the higher rates based on gender.
Health Care Coverage - Most group health insurance policies are super high in monthly premiums ($200 to $600 per month for individuals and $1,000 to $1,500 for family coverage). We cover this in full right now for individuals. But it is a huge ongoing cost, especially as everyone gets older and starts families. STD/LTD policies are very cheap by comparison (obviously geared towards a different life event).
Other options - It would probably be cheaper if you just bought long-term, if the concern is catastrophic coverage. But we cover short term too and that increases the rates.
Our rates are typically $21 to $60 per male employee and
$71 to $150 per female employee per month.
Did they mention why female employees cost so much more?
I thought (from car insurance prices etc) that men are more likely to get into accidents? I was under the impression female-only things like childbirth were fairly safe these days.
Maternity Leave - The good news is that this covers maternity leave of 3 months
for our lady employees. This is a nice benefit to offer.
It also explains the higher rates based on gender.
Maternity leave is much more likely to be utilized than long term disability insurance.
From my understanding the larger you are, the cheaper the rates. Since the article /comments asked for typical rates, here is where we are at to compare. Not sure how many employees 42floors.com has, but $2,500 per year would probably be around 5 to 10 employees if they were all male.
STD/LTD Group Policies - Our rates are typically $21 to $60 per male employee and $71 to $150 per female employee per month. So it could add about $250 to $1,800 per employee depending on their salary and gender.
Maternity Leave - The good news is that this covers maternity leave of 3 months for our lady employees. This is a nice benefit to offer. It also explains the higher rates based on gender.
Health Care Coverage - Most group health insurance policies are super high in monthly premiums ($200 to $600 per month for individuals and $1,000 to $1,500 for family coverage). We cover this in full right now for individuals. But it is a huge ongoing cost, especially as everyone gets older and starts families. STD/LTD policies are very cheap by comparison (obviously geared towards a different life event).
Other options - It would probably be cheaper if you just bought long-term, if the concern is catastrophic coverage. But we cover short term too and that increases the rates.