Boston, Massachusetts employer health plans: what they cost and who gets paid
Updated plan year 2024, the most recent complete year
423 employers in Boston, Massachusetts filed health plans with 100 or more participants for plan year 2024, covering 494,906 participants. They reported $1.1B in insurance premiums and $63M in broker commissions and fees. The median broker rate on commission-paying, fully insured medical plans was 2.5% of premium, against 2.5% across Massachusetts and 3.8% nationally. Against 2023, premiums were up 6.3% and broker pay rose 16.1%.
Funding: 62 fully insured · 91 self-funded · 270 mixed. 361 of 423 plans pay at least some medical claims from the employer's own assets.
Largest employer health plans in Boston
Boston employers reporting the most insurance premium across every Schedule A contract, with what they paid brokers.
| Employer | Premiums | Broker pay | Participants | Top broker |
|---|---|---|---|---|
| Massachusetts Bankers Association Inc. | $199,601,865 | $2,978 | 9,834 | Mass Financial Services Inc. Agency |
| Toast, Inc. | $45,976,189 | $50,309 | 4,047 | Mercer |
| Commonwealth Care Alliance | $34,217,103 | $391,336 | 1,545 | HP Planning LLC |
| Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. | $20,972,053 | $788,481 | 1,129 | Marsh McLennan Agency |
| Coordinates Operations LLC | $17,568,948 | $275,831 | 619 | Gallagher |
| Cargurus, Inc. | $16,614,152 | $589,316 | 900 | USI Insurance Services |
| Natixis Investment Managers, LLC | $16,258,479 | — | 916 | — |
| L.E.K. Consulting LLC | $15,632,443 | $390,365 | 1,056 | Gallagher |
| Harbourvest Partners, LLC | $15,558,785 | $520,585 | 1,798 | Aon |
| Winn Management Group LLC | $13,277,629 | $945,851 | 3,597 | Mercer |
| Argenx US, Inc | $12,503,759 | $273,722 | 443 | R S C Ins Bkge dba Risk Stratagies |
| Bay Cove Human Services, Inc. | $11,827,635 | $384,889 | 1,480 | USI Insurance Services |
| Foley Hoag LLP | $11,222,586 | $476,976 | 680 | Lockton |
| Reify Health, Inc | $11,019,709 | $347,615 | 828 | Riggs Counselman Michaels & Downes |
| Ginkgo Bioworks, Inc. | $10,281,256 | $730,929 | 1,194 | Brown & Brown |
| Dept US Holding Company, Inc. | $10,173,018 | $208,077 | 493 | Lockton |
| Orsted North America | $10,053,823 | $476,637 | 595 | HP Planning LLC |
| Safety Insurance Group, Inc. | $9,765,207 | $310,408 | 572 | HUB International |
| Choate, Hall & Stewart LLP | $9,217,918 | $306,872 | 500 | Gallagher |
| Goulston & Storrs PC | $9,160,868 | $344,081 | 398 | Gallagher |
| Servier Pharmaceuticals LLC | $8,844,348 | $172,439 | 475 | Aon |
| Quickbase, Inc. | $8,445,320 | $202,382 | 621 | Marsh McLennan Agency |
| The Home for Little Wanderers | $8,301,203 | $219,737 | 730 | Marsh McLennan Agency |
| Grantham, Mayo, Van Otterloo & Co. LLC | $7,900,820 | $151,659 | 404 | IMA Financial |
| Canaccord Genuity, LLC | $7,829,784 | $134,826 | 393 | IMA Financial |
Source: DOL Form 5500 Schedule A, plan year 2024; employers are grouped by the sponsor's mailing city as filed. Self-funded employers show only stop-loss and ancillary premium.
Who gets paid
Commissions and fees reported by Boston employers, with the number of employer plans naming each broker.
| Broker | Commissions + fees | Plans |
|---|---|---|
| HUB International | $8,057,885 | 18 |
| Brown & Brown | $6,905,408 | 41 |
| Marsh McLennan Agency | $5,115,959 | 46 |
| Mercer | $4,984,961 | 31 |
| Gallagher | $4,108,532 | 51 |
| Willis Towers Watson | $3,611,463 | 30 |
| Lockton | $2,560,536 | 22 |
| IMA Financial | $2,135,073 | 20 |
| NFP | $1,985,107 | 19 |
| USI Insurance Services | $1,914,547 | 20 |
Largest medical carriers
Medical premium written for these employers.
Boston against Massachusetts and the U.S.
Medians over the same definitions on every BenefitsLedger page: commission rate on commission-paying, fully insured medical plans; broker pay per employer that disclosed any; medical premium per covered person.
| Boston | Massachusetts | United States | |
|---|---|---|---|
| Employer plans | 423 | 1,864 | 58,547 |
| Median commission rate | 2.5% (147 plans) | 2.5% | 3.8% |
| Middle half of rates | 2.0% – 3.1% | 2.0% – 3.2% | 2.7% – 5.0% |
| Median broker pay per employer | $80,376 | $75,078 | $72,628 |
| Medical premium per covered person | $8,070 | $8,072 | $7,274 |
| Plans reporting no commission | 5 | 18 | 933 |
Year over year. In plan year 2023, 430 Boston employers reported $991M in premiums and $54M in broker pay for 476,694 participants; in 2024 it was $1.1B and $63M for 494,906 participants (premiums +6.3%, broker pay +16.1%).
Source: DOL Form 5500 and Schedule A, plan years 2024 and 2023, employer health plans with 100 or more participants; built October 24, 2026. Medians need at least 10 rated plans to be shown for a city. Methodology.
How much do Boston employers pay health insurance brokers?
423 Boston employers reported $63,104,560 in broker commissions and fees on their 2024 Form 5500 filings, 411 of them disclosing at least some compensation. Among 147 commission-paying, fully insured medical plans, the median broker rate was 2.5% of premium, 0.0 points above the Massachusetts median of 2.5% and 1.2 points below the U.S. median of 3.8%. In dollars, the median Boston employer that disclosed broker pay reported $80,376.
Which Boston employers have the largest health plans?
By insurance premium reported for 2024, Massachusetts Bankers Association Inc. ($200M), Toast, Inc. ($46M), Commonwealth Care Alliance ($34M) lead. 25 Boston employers are listed on this page; every employer in the record has its own page.
Which brokers and carriers are paid the most in Boston?
By compensation reported by Boston employers, the largest brokers are HUB International ($8.1M, 18 plans), Brown & Brown ($6.9M, 41 plans), Marsh McLennan Agency ($5.1M, 46 plans). By medical premium, the largest carriers are Blue Cross Blue Shield of Massachusetts, Inc., Cigna Health and Life Insurance Company, Cigna Healthcare.
Are Boston employer health plans self-funded or fully insured?
Of 423 Boston employer plans, 62 are fully insured, 91 are self-funded and 270 mix insured and self-funded coverage. Self-funded plans report only stop-loss and ancillary contracts on Schedule A, so their premium and broker pay understate total spend.
Other cities in Massachusetts
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