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Employer-Sponsored Health Insurance Costs Are Jumping

Employer-Sponsored Health Insurance Costs Are Jumping

Estimated reading time: 3 minutes

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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