Source: Axios
Average annual premiums for covering a family through workplace insurance rose 7% this year, to $25,572, with employees’ share of the costs remaining stable but high, according to a new KFF health benefits survey.
Why it matters: Premiums have been rising at roughly the rate of inflation and the change in wages over the past five years, but future coverage costs will hinge on factors like whether health plans opt to cover pricey GLP-1 weight-loss drugs.
By the numbers: Employees pay an average of $6,296 in annual premiums for their family coverage in 2024, per KFF. That’s similar to last year and up less than $300, or about 5%, compared to 2019.
The average annual premium for single-person coverage is $8,951 this year.
Workers’ overall wages have increased 28% over the past five years, while inflation has increased 23%.
In contrast, worker contributions to family coverage premiums increased 25% from 2014 to 2019, while overall premium costs rose 22% and earnings rose just 14%.
What they’re saying: “Employers are shelling out the equivalent of buying an economy car for every worker every year to pay for family coverage,” KFF President Drew Altman said in a news release.
“In the tight labor market in recent years, they have not been able to continue offloading costs onto workers who are already struggling with health care bills.”
