Healthcare costs represent the largest percentage of total benefits for APRNs and PAs. According to the Society for Human Resource Management (SHRM), healthcare costs increased 6% in 2020 from $14,642 to $15,375 per year, including premiums and out-of-pocket expenses . The total employee burden is estimated at 30%, while most large employers typically cover 70%. This amounts to an approximate annual expense of $4,500 for the employee and $10,700 for the employer. When candidates negotiate or employers discuss compensation, keep in mind the value of healthcare benefits. If healthcare is covered, employees will receive an increase in total compensation from 2019 based on the increase in healthcare benefits alone. On the other hand, a high salary figure without healthcare benefits may result in unforeseen monthly expenses.
Melnic Free Salary Guide Survey Results
The Free Melnic Salary Guide survey found that 70% of all respondents received some healthcare benefits. For those who do not receive healthcare benefits, you can negotiate for additional salary to offset the difference. For example, if you receive a salary of $100,000 and the healthcare benefits were 70% of $15,375 or $10,762, then your salary plus the healthcare benefits are $110,762. That does not account for what you would need in before-tax income to receive $11,762 after tax. It is not as hard to negotiate for additional income when you can demonstrate the impact to a potential employer of not receiving healthcare benefits.
Get your free copy of the Melnic Salary Guide for APRNs and PAs to learn more about salaries, benefits, and other valuable information to negotiate for a new job or annual increases. During COVID, it can be difficult to negotiate for a salary increase when many healthcare employers are financially impacted. It is also important to have the information and discussions for the future and to potentially negotiate for other non-monetary benefits.
If you are looking for a job, please visit the Melnic Job Board. If you are an employer who would like a copy of the free Melnic Salary Guide or to discuss your APRN and PA jobs, please contact Jill Gilliland, President, Jill@melnic.com
Jill Gilliland is President of Melnic an APRN and PA national recruiting company. Jill is a speaker and publicist on areas such as job strategies, branding and marketing, pediatric critical care needs, and additional topics relevant to pediatric nursing and the recruitment business. She has over 12 years of experience in the recruiting industry coupled with a strong sales, healthcare, and technology background. Jill holds a BS degree in Business from the University of Southern California and an MBA from The University of Virginia, Darden Business School. Connect with Jill Gilliland on LinkedIn.