There’s not a one-size-fits-all equation to answer this question as the cost will depend on various factors. When figuring out how much it will cost to provide health insurance to employees, employers should consider the following: the insurance company itself, location, the employees’ demographics, and the type of health plan to offer.
Once those factors have been decided upon, the business can purchase a group health insurance plan for the employees, or set up a contribution amount toward employees’ health insurance.
According to an annual report published by the Kaiser Family Foundation, the average annual premiums for employer-sponsored health insurance in 2018 were $6,896 for single coverage and $19,616 for family coverage, of which $1,186 and $5,547 are paid by the covered employees. The amount paid my employees is typically just deducted from their monthly paycheck.