Employer-Sponsored Health Insurance Costs Are Jumping

Rising Costs

Healthcare in America is not exactly known for being cheap. But it has only gotten even more expensive this year.

The annual cost of an employer-sponsored family health insurance plan just hit an average of almost $24,000 — up 7% from last year, according to a survey from health non-profit KFF.

Who Pays What?

It costs how much?! Well, one thing at a time.

These climbing costs will likely affect companies more than workers, as is typical for employer-sponsored plans. However, roughly 1 in 4 companies intend to increase employee premiums in the next couple years. On a whole, costs have risen for both parties.

For family plans, workers now pay an average of $6,575 per year, up around 8% annually. For individual plans, companies pay an average $8,435, or an increase of 7%, while employees are on the hook for close to $1,400, $75 more than last year’s average.

Quality Coverage

The silver lining is that, despite this price hike, companies are unlikely to cut back on coverage. In today’s still-tight labor market, companies want to attract the best employees. Offering quality health coverage is a great way to do so.

Read more reporting here .

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