Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Family health insurance through work now costs $24,000 a year By: FOX Business October 18, 2023 at 14:45 PM EDT Premiums for employer-based health insurance have jumped to an average of $24,000 annually, up 7% from last year according to a new survey. Workers pay around $6,500 of that. Premiums for employer-sponsored health insurance have risen sharply over the past year, piling on further costs to businesses and workers already feeling the squeeze from high inflation.KFF's annual Employer Health Benefits Survey released Wednesday found coverage for a family plan now averages $23,968, with workers typically paying more than $6,500 toward that amount while employers pay the rest.The cost for single plans rose, too, reaching an average of $8,435 annually.The data shows the cost of both family and single plans jumped 7% this year, which KFF said was a "sharp departure" from last year's survey findings that indicated there was virtually no increase in the price of premiums.EMPLOYEES CONSIDER WELLNESS PROGRAMS AT WORK CRITICAL FOR JOB CHOICE, REPORT SAYS: ‘RETHINK A FUTURE’The 7% surge in work-based health insurance costs means coverage rose higher year-over-year than workers' wages (5.2%) and inflation (5.8%)."Rising employer health care premiums have resumed their nasty ways, a reminder that while the nation has made great progress expanding coverage, people continue to struggle with medical bills, and overall the nation has no strategy on health costs," KFF President and CEO Drew Altman said.HOME INSURANCE COSTS ARE RISING: HERE'S WHYNearly 153 million Americans receive their health insurance through an employer, who typically pay more than 70% of the cost of coverage for family plans, according to KFF. The health policy and polling organization said its survey showed workers paid on average $500 more this year toward their premiums than in 2022, and that future out-of-pocket increases could be coming given that 23% of employers said they plan to increase workers' contributions in the next two years.GET FOX BUSINESS ON THE GO BY CLICKING HEREKFF's annual survey polled more than 2,100 non-federal public and private firms. The organization reported the average cost for job-based family health care plans has risen 22% since 2018 and is up 47% since 2013. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Family health insurance through work now costs $24,000 a year By: FOX Business October 18, 2023 at 14:45 PM EDT Premiums for employer-based health insurance have jumped to an average of $24,000 annually, up 7% from last year according to a new survey. Workers pay around $6,500 of that. Premiums for employer-sponsored health insurance have risen sharply over the past year, piling on further costs to businesses and workers already feeling the squeeze from high inflation.KFF's annual Employer Health Benefits Survey released Wednesday found coverage for a family plan now averages $23,968, with workers typically paying more than $6,500 toward that amount while employers pay the rest.The cost for single plans rose, too, reaching an average of $8,435 annually.The data shows the cost of both family and single plans jumped 7% this year, which KFF said was a "sharp departure" from last year's survey findings that indicated there was virtually no increase in the price of premiums.EMPLOYEES CONSIDER WELLNESS PROGRAMS AT WORK CRITICAL FOR JOB CHOICE, REPORT SAYS: ‘RETHINK A FUTURE’The 7% surge in work-based health insurance costs means coverage rose higher year-over-year than workers' wages (5.2%) and inflation (5.8%)."Rising employer health care premiums have resumed their nasty ways, a reminder that while the nation has made great progress expanding coverage, people continue to struggle with medical bills, and overall the nation has no strategy on health costs," KFF President and CEO Drew Altman said.HOME INSURANCE COSTS ARE RISING: HERE'S WHYNearly 153 million Americans receive their health insurance through an employer, who typically pay more than 70% of the cost of coverage for family plans, according to KFF. The health policy and polling organization said its survey showed workers paid on average $500 more this year toward their premiums than in 2022, and that future out-of-pocket increases could be coming given that 23% of employers said they plan to increase workers' contributions in the next two years.GET FOX BUSINESS ON THE GO BY CLICKING HEREKFF's annual survey polled more than 2,100 non-federal public and private firms. The organization reported the average cost for job-based family health care plans has risen 22% since 2018 and is up 47% since 2013.