Health insurance premiums are on the rise, with the average premium for family coverage increasing by 24% over the last five years, compared to a 28% increase in workers' wages and inflation of 23%, according to data from KFF.
"We're in this vicious cycle where costs are rising, [employers] are shifting them to the worker, which prevents them from getting care or accessing the system, which leads to longer-term, worse healthcare needs," Ashok Subramanian, co-founder and CEO of Centivo, a health plan provider for self-funded employers, told EBN. "You're catching cancer later, diabetes is going unchecked, and then costs go up. Employers need to look for solutions they haven't considered in the past."
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KFF's 2024 annual Employer Health Benefits survey discusses trends in employer provided health insurance premiums coverage, built from data from 2,142 interviews with non-federal public and private firms.
The average annual worker and employer premium contributions for family coverage increased over the past decade, with a 46% increase in premiums between 2014 and 2024. There was a 30% increase in worker contributions between 2014 and 2024.
Based on the data, employers still contribute more than employees for healthcare premiums; however, the gap lessens and workers contribute a larger percentage for family coverage.
Read more about the trends in employer provided health insurance premiums coverage.