14th Annual Survey of Employee Benefits for Massachusetts Biotechnology Companies
LHS Benefits has produced the Massachusetts Biotechnology Survey of Employee Benefits every year in the spring for the last eleven years.
The 179 survey participants last year were the first to learn…
Medical Premium Costs Increased by 4%
Employees contribute 16% on average to the cost of medical coverage (out-of-pocket costs excluded).
The survey average medical deductible for employees with single coverage was almost $1,700 in 2023, but with employer funding of a Health Savings Account or Health Reimbursement Account, that number dropped to less than $500.
42% of participants do not track time off
Massachusetts Biotechnology companies not tracking paid time off have quadrupled in the last five years.
68% of survey participants’ offices were closed for a holiday shutdown in 2023 between Christmas and New Year’s.
The average match to retirement savings is 3%
Large employers (more than 250 employees) average almost double the match of small employers (less than 50 employees). About half of survey participants auto-enroll their employees in the retirement savings plan.
73% of survey participants offer stock options/profit sharing.
The Employee Benefits Survey includes information on the following:
Medical plan design
Dental plan design
Employee medical and dental contributions and cost-sharing
Medical and dental cost and trend
Vision plan design
Life, Short/Long Term Disability benefits
401(k) plan design
Vacation and paid time off
Leaves