Insurance is a popular fringe benefit paid to management employees of continuing care retirement / life plan communities, according to the findings of the 2024-2025 CCRC Salary & Benefits Report. The national study is published by Hospital & Healthcare Compensation Service in cooperation with LeadingAge.
The results are based on responses from 509 communities, although not all communities answered every question.
Health, dental and vision insurance were the most popular types of insurance benefits, with all respondents offering health and dental insurance and 99.1% offering vision insurance.
The average annual premium for health insurance was $9,884, and 96.1% of respondents said the cost was shared between employers and employees, although employers, on average, picked up 80.4% of the cost. The most common type of health insurance was a preferred provider organization (29.5%), followed by a high-deductible health plan (19.6%), health savings account (15.9%) and self-funded (13.4%).
The average annual premium for dental insurance was $420, and 63.7% of respondents said the cost was shared between employers and employees, although employers, on average, picked up 62.7% of the cost.
Vision insurance was offered by 99.1% of respondents, with the average annual premium being $94 and employees picking up an average of 63.5% of the cost.
As for other types of insurance, more than 99% of respondents (99.3%) said they offered management employees life insurance, with 94.4% of respondents saying the CCRC paid for it. The most common amount offered was an amount equal to the person’s salary (52.6%), and the most common time for eligibility was after 30 days of employment.
Accidental death and dismemberment insurance also was a popular offering for management employees of CCRCs, with 97.7% of respondents saying they carried it; 92.9% of respondents said they paid for it. The most common amount offered was an amount equal to the person’s salary (50.3%).
As for long-term disability insurance, 92.6% of respondents said they offered it to management employees; 77.9% of respondents said the CCRC paid for the insurance. The most common time for eligibility is after 30 days.
Long-term care insurance was offered only by 27.6% of respondents; 87.6% of all respondents said that the employee picks with the cost.
Other fringe benefits
Almost all (99.5%) of the respondents said they offer a 401(k) or 403(b) retirement plan, and 97.3% said they contribute to it. The average match is 4.1%. On average, employees were fully vested after four years, although 29.84% of respondents said that employees were vested immediately upon hire.
Paying for professional association dues and professional meeting attendance by management employees also were popular benefits, with 86.5% and 92.7% of employers, respectively, paying them.
For management employees, 87.1% of respondents said they offer educational assistance for college courses. The average annual reimbursement was $3,092.
About 65% (64.9%) of respondents said they offer educational assistance for management employees outside of college courses as well. The average annual reimbursement was $2,522.
Paid time off / vacation time
As for other benefits, 85.1% of respondents said they offer paid time off, which generally combines compensated time for all paid holidays, excused paid absences, personal days, vacation days and sick leave. The remaining 14.9% offer vacation time, which the study defines as itemized holiday, sick time, personal days, excused paid absences and vacation days.
The most common time for employees to be eligible for PTO or vacation was after 90 days of employment, with 60% of respondents saying that is when their employees become eligible. The next most popular time for eligibility was after 30 days, with 22.7% of participants giving that response. All other choices — upon employment, after 60 days, after six months, or after one year — each garnered less than 6% of responses.
​​This year marks the 27th annual year of publication of the CCRC Salary & Benefits Report. More than 500 (510) CCRCs participated and provided compensation data on more than 80,750 employees, covering 47 management and 55 nonmanagement positions.
More than 80% (80.78%) of study participants were not-for-profit CCRCs; 57.77% of the not-for-profit respondents were religiously affiliated.
The report covers additional fringe benefits, including benefits for clinical employees, as well as turnover rates, shift differentials and past and projected salaries.
The report may be ordered on the HCS website at www.hhcsinc.com or by calling (201) 405-0075. LeadingAge members get a discount.
