Employer-Reported Sector Analysis: New York

August 29, 2024

In the state of New York, per the most recent Form 5500 filings, more than 15.7 million participants [i] were reported by nearly 2,700 employers as being enrolled in welfare plans where Health was a benefit. Professional, Scientific, & Technical Services was the largest reported sector in the filings, representing 35% of all participants, or just over 5.4 million people. Manufacturing was second, with more than 2.4 million covered lives (15%). Administrative & Support Services, Finance & Insurance, and Health Care & Social Assistance are the only other sectors covering 1.5 million participants or more.

• The 5.4 million participants in New York’s Professional, Scientific, & Technical Services sector are dominated by the tech giant IBM, headquartered in Armonk, New York, which reported nearly 2.1 million participants in several benefit plans from around the world. The international accounting and bookkeeping service Deloitte, with a national office in New York City, reported over 971,000 participants. Delaware North, a multinational food service and hospitality company based in Buffalo, New York, most recently reported over 808,000 participants. In New York, Humana and Cigna support IBM’s benefit plans, while Cigna solely serves Deloitte. Cigna, CVS, Highmark, and UnitedHealth are among the national insurers that support Delaware North.
• Headquartered in Harrison, New York, PepsiCo constitutes over 73% of the state’s reported Manufacturing sector with nearly 1.8 million participants in its various health benefit plans, provided by UnitedHealth in the state. Rich Products Corporation, Corning Inc., and Canon USA are other major contributors to the sector, and are served by the national carriers Cigna, Highmark, and UnitedHealth.
• In the Administrative & Support Services sector, Justworks, a professional employer organization (PEO) based in New York, shows over 1.2 million reported participants in its benefit plans, about 70% of the sector’s membership. These plans are supported by CVS and UnitedHealth. Prestige Employee Administrators, another PEO with nearly 155,000 participants, is supported by Emblem Health and UnitedHealth.
• With 1.6 million participants, the Finance & Insurance sector has nearly 300 entities reporting. Morgan Stanley, Equitable Life Insurance, Marsh & McLennan, Goldman Sachs, and American Express are some of the notable companies that make up the majority of this reported sector. Cigna, CVS, Elevance, and UnitedHealth support these companies’ plans.
• Accounting for nearly 1.5 million participants, the Health Care & Social Assistance sector shows over 400 employers reporting health benefit plans. The National Benefit Fund for Health and Human Service Employees is the largest in the sector with over 463,000 participants and is supported by CVS Group and MVP Group. Northwell Health’s 323,000 participants are served solely by Cigna; Rochester Regional Health’s 135,000 participants are supported by Lifetime Healthcare and MVP Group; and New York Presbyterian Hospital’s 132,000 are served by CVS and UnitedHealth.

About this Data

Due to filing guidelines and companies with different fiscal year ends, this subset of Form 5500 data generally encompasses filings from 2022, with a smaller amount from 2021 and 2023, to reflect the most recent filings available. National and international employers based in New York may also offer coverage through insurers not located in New York, such as plans under the Kaiser Foundation Group.

[i] A single employee and/or their dependent(s) may be a participant in multiple health coverage products offered by an employer.

Note: MFA makes every effort to accurately aggregate filings properly but cannot guarantee 100% accuracy due to the lack of normalization within the filings. This also allows for potential duplicative data as employers may have multiple filings.

About 5500 Employer Health ^Plus

The data used in this analysis brief was obtained from Mark Farrah Associates' 5500 Employer Health ^Plus. This tool has been designed to simplify the analysis of employer health and welfare benefits including medical, dental, vision, disability, and other benefits. MFA’s 5500 Employer Health ^Plus uniquely focuses on health and 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 companies that indicate they provide health and welfare benefits.

About Mark Farrah Associates (MFA)

Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Our product portfolio includes Health Coverage Portal™, County Health Coverage™, 5500 Employer Health ^Plus, Medicare Business Online™, Medicare Benefits Analyzer™, and Health Plans USA™. For more information about these products, refer to the informational videos and brochures available under the Our Products section of the website or call 724-338-4100.

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