WHAT SHOULD YOU BE PAYING FOR HEALTH INSURANCE?
By: Randy S. Gerber, Esq., Founder of Pacient.care
The majority of us have health insurance. And it's probably safe to say that those of us that have health insurance want to be sure we can keep it and afford it. The Kaiser Foundation just released its latest 2018 Employer Health Benefit Survey. Here are some key numbers to consider:
- 5% Increase from last year in annual family premiums;
- $19,616/year Average annual cost of family insurance;
- $5,547/year Average annual employee contribution;
- 3% Increase from last year in annual single coverage premiums;
- $6896 Average annual single coverage premiums;
- $1,186 Average annual employee coverage premiums;
- 55% Increase in premiums since 2008 (as opposed to 26% increase in earnings since 2008);
- $1,573 Average annual deductible for single person ($1505 last year) ($708 in 2018);
- 85% Number of employees who have deductibles (59% 10 years ago);
- 26% of covered employees are in plans with deductibles of $2,000 or more.
INFLATION AND OUR WAGES
- 2.5% Rise in inflation since last year;
- 2.6% Rise in annual wages since last year;
Bottom line? Insurance premiums on average are on the rise, deductibles are getting larger and are more prevalent and both are outpacing our salaries and inflation. Something to think about is taking more control over how you spend your health care dollars. Be a smarter consumer and make better choices.