October 18, 2023 – People who buy medical insurance for his or her entire family through their employer can pay almost $500 more annually in 2023 than in 2022. The worker contribution for medical insurance coverage for single adults increased by $74 from 2022 to 2023 -Dollar.
The increases are in step with inflation and wage growth rates, based on the health care think tank Kaiser Family Foundation. The results come from the KFF survey of two,133 employers outside the federal government published Wednesday within the Journal Health Matters.
Almost one in 4 employers said that worker contributions will increase further in the subsequent two years.
Employees who purchase medical insurance for his or her families through their employer pay a median of $6,575 per yr for coverage, while employers contribute a median of greater than $17,000 per yr for every family's coverage. The average total cost of family insurance is $23,968, based on the KFF survey results.
However, the outcomes showed that employees at small firms (those with fewer than 200 employees) paid significantly more for family coverage. On average, employees of small firms paid $8,334 for family plans, in comparison with $5,889 paid by employees of enormous firms.
The cost of insurance premiums has risen steadily over the past 5 years:
- The annual premium for individual insurance increased by $1,539, from $6,896 in 2018 to $8,435 in 2023. The worker's annual premium was $1,186 in 2018, and this amount increased by $215 -Dollar increased to $1,401 in 2023.
- The annual premium for family insurance increased by $4,352, from $19,616 in 2018 to $23,968 in 2023. The worker's annual premium in 2018 was $5,547 in 2018, and this amount has increased by $1,028 to $6,575 in 2023.
KFF reported that deductible amounts remain relatively constant from 2022 to 2023, noting that employers could also be sensitive to worker concerns about whether or not they can afford health care. Many plans would require people to provide you with a minimum of $1,735 in health care costs this yr before many parts of the coverage even begin to cover out-of-pocket costs.
The survey asked large employers whether or not they consider their plans provide adequate access to mental health care, and 59% said there are enough providers of their plan's network that may provide timely access to services.
“This means that a significant portion of employers remain dissatisfied with the availability of mental health providers,” the report authors wrote.