Cost of Family Health Insurance Doubles
According to a recent study by the Commonwealth fund, premiums for family coverage paid by both employers and workers have risen 50 percent since 2003, reaching almost $14,000 a year. Annual premiums for employees have increased by 63 percent since 2003. Last year, employee premiums for family-plan coverage averaged around $3,400. That’s an increase of around $1,400, the average cost of employee premiums for family-plan coverage in 2003.
These days, employees are spending more and receiving less. Over the last seven years the average family deductible has nearly doubled, reaching almost $2,000 in 2010. Many employees have given up on wage increases, just to keep hold of health benefits.
The average premium for family coverage could rise 72 percent by 2020 to $24,000 should premium trends continue at the rate prior to the enactment of the Affordable Care Act. The Act was signed into law in March 2010 and will be implemented over the next several years.