Parsippany, New Jersey employer health plans: what they cost and who gets paid
Updated plan year 2024, the most recent complete year
56 employers in Parsippany, New Jersey filed health plans with 100 or more participants for plan year 2024, covering 91,652 participants. They reported $8.6M in insurance premiums and $10M in broker commissions and fees. Against 2023, premiums were down 43.1% and broker pay rose 20.1%.
Funding: 4 fully insured · 26 self-funded · 26 mixed. 52 of 56 plans pay at least some medical claims from the employer's own assets.
Largest employer health plans in Parsippany
Parsippany employers reporting the most insurance premium across every Schedule A contract, with what they paid brokers.
| Employer | Premiums | Broker pay | Participants | Top broker |
|---|---|---|---|---|
| Teva Pharmaceuticals USA, Inc. | $1,701,304 | — | 122 | — |
| Ferring Pharmaceuticals Inc. | $1,290,761 | $109,169 | 986 | Mercer |
| Gaf LLC | $1,250,236 | $1,596,718 | 5,573 | Aon |
| Lincoln Technical Institute, Inc. | $980,136 | $252,863 | 1,004 | HUB International |
| Langan LLC | $884,363 | $229,248 | 1,631 | USI Insurance Services |
| Delta Dental of New Jersey, Inc. | $523,383 | $68,222 | 316 | Brown & Brown |
| Day Pitney LLP | $496,877 | $69,454 | 608 | MML Ins Agency LLC |
| Ferrero USA Inc. | $316,455 | $1,049,424 | 3,581 | Custom Benefit Programs |
| Cherryroad Technologies Inc. | $307,468 | $214,171 | 462 | Northeast Benefits |
| Pipefitters Local Union No. 274 | $191,746 | $5,723 | 679 | Edward Joseph Chicoski |
| Solix, Inc. | $165,772 | $10,986 | 242 | Willis Towers Watson |
| PNY Technologies Inc. | $161,849 | $41,513 | 178 | Marsh McLennan Agency |
| Coyne Public Relations | $105,033 | $115,260 | 169 | Savoy Associates |
| Fieldstone Properties I LLC | $99,821 | $32,148 | 216 | Centerstone Ins & Financial Servi |
| Specialty Granules Holdings LLC | $93,735 | $151,078 | 666 | Aon |
| Hudson News Distributors, LLC | $60,509 | $13,009 | 128 | EPIC Insurance Brokers |
| Avis Budget Group, Inc. | $0 | $533,029 | 14,021 | Willis Towers Watson |
| Zoetis Inc. | $0 | $388,408 | 8,763 | Mercer |
| Atlas Copco North America LLC | $0 | — | 7,397 | — |
| Reckitt Benckiser LLC | $0 | $316,497 | 6,804 | Aon |
| Teva Pharmaceuticals | $0 | $678,915 | 5,156 | Winston Financial Services Inc |
| Curtiss-Wright Corporation | $0 | — | 4,478 | — |
| IBEW Local No 102 Welfare Fund Board of Trustees | $0 | — | 3,937 | — |
| PBF Holding Company LLC | $0 | $280,085 | 3,674 | Mercer |
| 2w Americas Holdings, LLC | $0 | $93,880 | 3,224 | Alliant Insurance Services |
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 Parsippany employers, with the number of employer plans naming each broker.
| Broker | Commissions + fees | Plans |
|---|---|---|
| Aon | $1,172,876 | 7 |
| Custom Benefit Programs Inc | $1,116,176 | 2 |
| Mercer | $1,062,022 | 10 |
| Creative Benefits Inc | $886,237 | 1 |
| Hewitt Insurance Brokerage LLC | $815,593 | 2 |
| Willis Towers Watson | $781,238 | 5 |
| HUB International | $734,197 | 3 |
| Marsh McLennan Agency | $488,480 | 4 |
| Winston Financial Services, Inc. | $303,206 | 2 |
| Savoy Associates | $237,937 | 3 |
Largest medical carriers
Medical premium written for these employers.
Parsippany against New Jersey 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.
| Parsippany | New Jersey | United States | |
|---|---|---|---|
| Employer plans | 56 | 1,521 | 58,547 |
| Median commission rate | n/a | 5.4% | 3.8% |
| Middle half of rates | n/a | 2.7% – 7.3% | 2.7% – 5.0% |
| Median broker pay per employer | $109,169 | $79,574 | $72,628 |
| Medical premium per covered person | n/a | $7,942 | $7,274 |
| Plans reporting no commission | 1 | 15 | 933 |
Year over year. In plan year 2023, 54 Parsippany employers reported $15M in premiums and $8.4M in broker pay for 85,462 participants; in 2024 it was $8.6M and $10M for 91,652 participants (premiums −43.1%, broker pay +20.1%).
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 Parsippany employers pay health insurance brokers?
56 Parsippany employers reported $10,127,690 in broker commissions and fees on their 2024 Form 5500 filings, 49 of them disclosing at least some compensation. Too few fully insured medical plans in Parsippany reported premium to compute a stable commission rate; the New Jersey median is 5.4% and the U.S. median is 3.8%. In dollars, the median Parsippany employer that disclosed broker pay reported $109,169.
Which Parsippany employers have the largest health plans?
By insurance premium reported for 2024, Teva Pharmaceuticals USA, Inc. ($1.7M), Ferring Pharmaceuticals Inc. ($1.3M), Gaf LLC ($1.3M) lead. 25 Parsippany employers are listed on this page; every employer in the record has its own page.
Which brokers and carriers are paid the most in Parsippany?
By compensation reported by Parsippany employers, the largest brokers are Aon ($1.2M, 7 plans), Custom Benefit Programs Inc ($1.1M, 2 plans), Mercer ($1.1M, 10 plans). By medical premium, the largest carriers are Triple S Salud, Inc., Medical Mutual, Kaiser Foundation Health Plan of Washington Options, Inc..
Are Parsippany employer health plans self-funded or fully insured?
Of 56 Parsippany employer plans, 4 are fully insured, 26 are self-funded and 26 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 New Jersey
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