MCMURRAY, Penn.--(BUSINESS WIRE)--Mark Farrah Associates (MFA), www.markfarrah.com, presents a high-level overview of health benefit insights gleaned from MFA’s new 5500 Employer Health Plus product. Large private-sector employers providing health and welfare benefit plans subject to ERISA are required to file the annual Form 5500 with the Internal Revenue Service. Form 5500 is a primary source of employer information about health and welfare benefits as well as pension plans. Observations obtained from 5500 Employer Health Plus are based on 62,281 employers that indicated they had active health benefit contracts as of their most recent filings.
- Private-sector employers reported more than 82 million potential plan participants across the spectrum of all health benefit contracts.
- The NEA (National Education Association) Retiree Health Plan reported the highest number of welfare plan participants, approximately 2.8 million.
- More than half of all benefit funding arrangements (54%) that included health benefits were fully-insured plans.
- UnitedHealth Group ranked highest among the top five largest insurer groups by insured.
- Brokers and agents received more than $2.9 billion in fees and commissions for assisting with sales of various health and welfare benefit products inclusive of health, HMO and PPO contracts.
MFA’s 5500 Employer Health Plus has been designed to simplify the analysis of employer health & welfare benefits including medical, dental, vision, disability and other benefits. This tool uniquely focuses on health & ancillary benefits purchased by private sector employers and the relationships employers have with contracted insurers, administrators and brokers. The user interface allows for both detailed and summary level data retrieval. Data sources include Form 5500 filings and related schedules for plans that have the indication of providing health & welfare benefits. 5500 Employer Health Plus will be available June 1, 2020.
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About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, Health Plans USA™ and 5500 Employer Health Plus. MFA will continue to monitor enrollment changes and competitive shifts across all healthcare segments. You can also follow us on LinkedIn.