Best Buy Co., Inc.
Updated Filing received by DOL a plan year 2025 filing was received August 28, 2026 for 4 of this employer's 5 plans; this record moves to 2025 when all have arrived
Best Buy Co., Inc., a retail — stores, food, auto, clothing employer in Richfield, Minnesota, reported 90,344 participants in its health and welfare plans for plan year 2024. Its Form 5500 shows $3.8M in insurance premiums across 14 contracts and $1.0M in broker commissions and fees. The plan is a mix of insured and self-funded coverage. The Department of Labor received the filing on June 10, 2025, before the deadline.
Who was paid on Best Buy Co., Inc.'s plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract Best Buy Co., Inc. filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Elmc LLC · New York, NY | $272,509 | $342,054 | $614,563 | 4 |
| Custom BNFT Programs Inc · Somerset, NJ | $103,621 | $19,044 | $122,665 | 1 |
| Custom Benefit Programs Inc · Somerset, NJ | $88,128 | $10,972 | $99,100 | 1 |
| Aon · San Juan, PR | $88,124 | $7,327 | $95,451 | 3 |
| Hewitt Insurance Brokerage LLC · Chicago, IL | $71,545 | $0 | $71,545 | 1 |
| Alight Solutions · Chicago, IL | $0 | $17,940 | $17,940 | 1 |
| Hewitt Ins Brokerage LLC · Chicago, IL | $187 | $0 | $187 | 1 |
Source: DOL Form 5500 Schedule A, Part I (broker commissions and fees), plan year 2024, as published in EBSA's 2024 "Latest" dataset. Part I names whoever the carrier paid, which can be a firm or an individual agent; both are public record. Amounts exclude pay from carriers not tied to a listed contract.
Insurance contracts and carriers
Every insurance contract reported on Schedule A: carrier, what it covers, people covered at year end, earned premium, and broker compensation.
| Carrier · coverage | Covered | Premium | Broker pay | Rate |
|---|---|---|---|---|
| Vision Service Planvision | 23,040 | $3.1M | — | — |
| Triple S Salud, Inc.health, dental, prescription drug, PPO | 111 | $658,723 | $32,936 | 5.0% |
| Kaiser Foundation Health Plan of Coloradohealth | 80 | — | — | — |
| Hawaii Medical Service Associationhealth, prescription drug, PPO | 314 | — | — | — |
| Unitedhealthcare Insurance Companyhealth | 2 | — | — | — |
| Triple-S Vida, Inc.short-term disability | 126 | — | $2,940 | — |
| Hartford Life and Accidentlife, long-term disability | 43,463 | — | $433,600 | — |
| Hartford Life and Accidentcoverage not coded | 47,577 | — | $30,963 | — |
| Metlife Legal Planscoverage not coded | 2,986 | — | $59,575 | — |
| Unitedhealthcare Insurance Companyhealth | 1 | — | — | — |
| American Heritage Life Insurance Companycoverage not coded | 10,720 | — | $194,210 | — |
| Metropolitan Life Insurance Companyhealth | 4,628 | — | $117,227 | — |
| Kaiser Foundation Health Plan, Inc.health | 595 | — | $33,262 | — |
| Kaiser Foundation Health Plan, Inc.health | 1,499 | — | $116,738 | — |
Source: DOL Form 5500 Schedule A, plan year 2024. Self-funded medical coverage has no premium; amounts shown for it are stop-loss or administrative contracts.
How Best Buy Co., Inc. compares
Medians across employers for plan year 2024, the most recent complete year. Commission rates use fully insured medical contracts only; dollar medians use every employer that disclosed broker pay.
Not computable: no insured medical premium on the filing.
Premium per covered person on medical contracts: $5,934 a year (national median $7,274).
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Year over year
| 2023 | 2024 | Change | |
|---|---|---|---|
| Participants | 95,347 | 90,344 | −5.2% |
| Premiums filed | $3,717,251 | $3,762,392 | not comparable |
| Broker commissions + fees | $1,018,931 | $1,021,451 | +0.2% |
| Commission rate | — | — | — |
Source: DOL Form 5500 filings for plan years 2023 and 2024.
Filings and timeliness
Plans this employer filed under its EIN with a health benefit code. Large plans are due seven months after the plan year ends, or two and a half months later with an extension; amended filings carry the amendment date, so no timing is asserted for them.
| Plan | Plan year end | Received by DOL | Timing | Participants |
|---|---|---|---|---|
| Best Buy Health and Welfare Wrap Plan#501 · insurance, general assets | December 31, 2024 | June 10, 2025 | before deadline | 90,344 |
| Occupational Benefits Plan for the Texas Employees of Best Buy Co., Inc.#509 · general assets | January 31, 2025 | August 11, 2025 | before deadline | 7,620 |
| Voluntary Separation Plan#523 · general assets | December 31, 2024 | April 25, 2025 | before deadline | 155 |
| Voluntary Separation Plan#522 · general assets | December 31, 2024 | April 25, 2025 | before deadline | 147 |
| Voluntary Separation Plan#521 · amended · general assets | December 31, 2024 | July 22, 2026 | amended filing; original date not in data | 118 |
Source: DOL Form 5500 Part I and signature dates; "late" means received after the extended deadline (the 15th day of the tenth month after plan year end). What a late Form 5500 costs.
How much did Best Buy Co., Inc. pay in health insurance broker commissions in 2024?
Best Buy Co., Inc.'s 2024 Form 5500 reports $1,021,451 in broker commissions and fees across 14 insurance contracts ($624,114 in commissions, $397,337 in fees), with Elmc LLC receiving the largest share.
Is Best Buy Co., Inc.'s health plan self-funded or fully insured?
The 2024 filing indicates the plan is a mix of insured and self-funded coverage. Medical coverage is written by Triple S Salud, Inc., Kaiser Foundation Health Plan of Colorado, Hawaii Medical Service Association.
How does Best Buy Co., Inc.'s broker compensation compare with similar employers?
A commission-to-premium ratio cannot be computed for Best Buy Co., Inc. because the filing does not report medical premium on Schedule A (usual for self-funded plans). In dollars, employers with 5,000+ participants that disclosed broker pay reported a median of $458,262.
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Record built October 24, 2026 from U.S. Department of Labor, EBSA Form 5500 datasets (2025, 2024, 2023 plan years, 'Latest' files). Filings can run 7 to 10 months behind the plan year; always confirm against current plan documents. BenefitsLedger is not affiliated with the U.S. Department of Labor. Open the DOL filing search.