Economy

Premiums for employer-sponsored insurance increase slightly for sixth straight year

Premiums for employer-sponsored insurance increase slightly for sixth straight year”

Only half of America's smallest businesses now offer health coverage to their workers because many say steady cost hikes have made it too expensive to afford a benefit almost all large employers still provide.

Premiums increased by an average of 3%, to an average of $18,764 this year, according to a report from the Kaiser Family Foundation, Health Research and Education Trust and Health Affairs.

KFF found that small-business workers contribute $1,550 more on average toward their family health coverage than their counterparts at large companies, with the gap partially the result of small firms being three times more likely to contribute the same dollar amount toward a worker's health benefits whether or not they enroll family members.

Small businesses offering health insurance has dropped from 59% in 2012 to 50% in 2017.

Premiums for employer-sponsored insurance have edged up for the sixth straight year, according to a new report. From 2007 to 2012, premiums had increased 30 percent. The 19% average family premium increase over the last five years is almost equal to one year of ACA increases. Employees at smaller companies had an average deductible of $2,120, compared with $1,276 at larger firms. Forty-four percent of these small firms say they don't offer coverage because of high costs, while 17 percent responded that they are too small. While there are more small employers than large ones, significantly more covered employees work at large firms (71% versus 29%). Only 16% of those businesses provide money to employees to purchase health insurance on their own in the individual market or through the Affordable Care Act exchanges. Plus, although premium rates aren't skyrocketing, employees are paying more out-of-pocket costs and facing higher deductibles. It also requires hospitals to chase down individuals rather than working with payers, which is more administrative work for hospitals.



Like this

Latest


21 September 2017
"Jules Verne resting": the Scotsman - made the journey in 79 days
The fastest man to cycle around the globe is due to return home to Scotland after completing his record-breaking feat. A British cyclist set a new world record by biking around the world in less than 80 days.

21 September 2017
Lawyer: Panel delays interview
Michael Cohen is appearing Tuesday before staff members of the Senate Intelligence Committee. He said he never saw any evidence of collusion with Russians relating to the election.

21 September 2017
Emma Stone on Her Anxiety & Coping Strategies
Emma Stone may have a new movie to promote, but that isn't stopping her from discussing the importance of mental health. "I was nine and I was in therapy".

21 September 2017
Trump, Pence to campaign for odd before GOP runoff
Trump and Vice President Mike Pence are scheduled to headline campaign events for unusual over the next few days. Trump's support of odd is not a mystery, its a reward for loyalty.

21 September 2017
Share Spotlight on Nuveen Municipal High Income Opportunity Fund (NMZ)
Having the proper perspective and staying focused can help the individual investor stay committed to the previously created plan. The Average Directional Index or ADX is a technical analysis indicator used to describe if a market is trending or not trending.

21 September 2017
North Korea To Be 'Destroyed' If Behaviour Continues
With a USA decision due in October, ministers from the six parties to the agreement are expected to meet next week. We say all the time if a government doesn't take of its people, bad things will happen.

21 September 2017
Pinellas announces Hurricane Irma make-up day
The announcement was made Tuesday evening at the rescheduled Berkeley County Board of Education Meeting. Wolf said the district may have enough instructional hours to cover the remaining two lost days.

21 September 2017
Loxo Oncology, Inc. - LOXO - Stock Price Today
Russell Investments Group Ltd.'s holdings in Clovis Oncology were worth $581,000 at the end of the most recent reporting period. Moreover, Millennium Mngmt Limited Liability has 0.1% invested in Clovis Oncology Inc (NASDAQ: CLVS ) for 1.08M shares.

21 September 2017
North Korea 'faces destruction if it continues with nuclear weapons programme'
North Korea will be high on the agenda for world leaders this coming week at the annual meeting of the U.N. In Sunday's tweet , Trump said he asked Mr Moon about "Rocket Man" - an apparent reference to Kim.

21 September 2017
Sens Propose Bill That Would Allow FEMA Help for Churches
The letter argues faith-based organizations have played a large role in recovery efforts following the storm. "This policy is discriminatory and wrong".



Recommended