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Investing and Economics Blog

Employees Face Soaring Health Insurance Costs

The costs to employees for health insurance keep increasing, even as employers pay more also. A Premium Sucker Punch:

Her employer picks up 50 percent of the coverage for her family, up from 33 percent a few years ago. But because insurance costs have soared, she says she’s actually paying $200 a month more in premiums. Her co-pays also have risen to $30 from $20.
…
The Corporate Executive Board found in its survey that a quarter of officials from 350 large corporations said they had increased deductibles an average of 9 percent in 2008. But 30 percent of the employers said they expected to raise deductibles an average of 14 percent in 2009. Mercer, a global benefits consulting firm, surveyed nearly 2,000 large corporations in a representative poll and found that 44 percent planned to increase employee-paid portion of premiums in 2009, compared with 40 percent in 2008.

The economic slowdown, according to analysts, is making it more difficult for many employers to subsidize health care costs at previous levels. On average, experts say, benefit packages contain the biggest increases for workers since the recession of 2001. Workers’ health costs are rising much faster than wages.
…
Premiums for employer-sponsored plans over a decade on average have risen to $12,680 a year from $5,791, according to the Henry J. Kaiser Family Foundation. The median deductible for the plans was $1,000 in 2008, compared with $500 from 2001 to 2007, according to a survey of 2,900 employers conducted by Mercer.

The broken health care system in the USA has been a huge drain on the economy and people’s standard of living for decades. The longer we allow the system to decline (increasing costs, declining results) the more damage the economy suffers and the larger the costs to implementing fixes become.

Related: Personal Finance Basics: Long-term Care Insurance – Medical Debt Increases as Economy Declines – International Health Care System Performance – Many Experts Say Health-Care System Inefficient, Wasteful – posts on improving the health care system

January 25th, 2009 John Hunter | 2 Comments | Tags: Economics, Personal finance

Comments

2 Comments so far

  1. Pete on February 4, 2009 9:50 am

    We just experienced a 30% raise in our premiums at our work where they cover 50% of the cost. So I have $100 less in my paychecks every month. So unfortunately i’m experiencing this first hand.

  2. The USA Pays Double for Worse Health Results at Curious Cat Investing and Economics Blog on December 30, 2009 6:12 pm

    The USA spends $7,290 per person (based on 2007 OECD data) the next highest spending country is Switzerland at $4,417. Canada spends the 4th most: $3,895. Only 5 countries have a lower life expectancy…

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