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Health Insurance Cost Increases
If you’re making anywhere near the average income in the United States, you’ve likely been feeling the numbers crunch over the past year. Gas prices go up on a daily basis, you’re paying double for many important groceries, and health insurance is becoming increasingly unaffordable, even for those who get it through their employers. For most families, health insurance is a must and there are rarely any less expensive options than those offered through their employers. The Robert Wood Johnson Foundation recently released a study that showed just how much health insurance is increasing, while income has barely increased at all. Should the costs of health insurance continue to go up without a major improvement in income, the study warns that we’ll soon see many workers go uninsured. Clearly a change is in order, but will we see one anytime soon? With no apparent changes on the horizon, it’s highly recommended that you plan for more health insurance cost increases in the future. Here’s a look at some of the key findings in the Robert Wood Johnson Foundation’s report.
Key Findings
- The average cost that employers pay for their employee’s family health insurance coverage has increased over 25% over the past several years, from $6,360 to currently over $8,000.
- While employers may be paying more for health insurance coverage, it’s the employees that are really shouldering the load. Nation wide, the amount that employees pay for their family health insurance coverage has increased over 30% since 2001. The average worker is now paying close to $11,000 for their coverage.
- Despite the sky rocketing insurance rates, employee salaries have only risen 3% during the same period. That won’t even cover the rising cost of gas and food, let alone health insurance.
- Over three-fourths of all people who have health insurance in the United States get it from their employer or a family member’s employer. One can logically assume that the more employers have to pay for insurance, the more employees will end up paying for it as well.