Health Insurance Takes More Out Of Workers’ Paychecks – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading INN Daily Newsletter Hot Off The Wires
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Health Insurance Newsletter
INN Daily Newsletter Hot Off The Wires RSS Get our newsletter
Order Prints
October 3, 2018 INN Daily Newsletter Hot Off The Wires No comments
Share
Share
Tweet
Email

Health Insurance Takes More Out Of Workers’ Paychecks

People who receive health insurance benefits through their job pay considerably more than just a few years ago to purchase health plans that include higher deductibles and greater cost-sharing, a new analysis from the University of Minnesota’s State Health Access Data Assistance Center (SHADAC) shows.

The average annual premium for an individual health insurance policy offered by employers rose $267, or 4.4 percent, to $6,368 between 2016 and 2017—nearly twice the increase recorded between 2015 and 2016 (2.3 percent). In addition to a rise in premiums, researchers saw significant increases in the amount that workers pay in insurance deductibles and co-pays in 2017.

Researchers at SHADAC, with support from the Robert Wood Johnson Foundation (RWJF), analyzed employer-sponsored health insurance (ESI) among private sector workers between 2016 and 2017 using the most recent data available from the Medical Expenditure Panel Survey.

Related stories

  • What’s new, what’s changed in ACA open enrollment season
  • Texas lawmakers ask feds to reconsider Medicaid expansion proposal

Nationwide, the analysis shows that the percent of eligible U.S. workers receiving health coverage through ESI held steady in 2017, at 73.5 percent, representing nearly 60 million employees.

“Attention has been focused on cost increases in the federal and state insurance marketplaces, but most people get coverage through their own or a family member’s employer and face rising costs,” said Lynn Blewett, Director of SHADAC. “While employers continue to offer insurance benefits to their employees, they are increasing the worker share of rising costs.”

The analysis shows:

  • Annual premiums for single coverage increased in 15 states in 2017, with increases ranging from 5.2 percent in Pennsylvania to 11.5 percent in Wyoming.

 

  • Nationwide, the average annual deductible for single coverage rose to $1,808 in 2017 an increase of $112 or 6.6 percent. Nearly half of workers enrolled in ESI plans (48.7 percent) had a deductible at or above $1,300 for an individual or $2,600 for a family.

 

  • 16.1 percent of ESI enrollees nationwide had a separate deductible for prescription drugs in 2017. In 10 states, more than 20 percent of employees (including 47.3 percent in Mississippi) faced such a deductible.

 

  • Average annual out-of-pocket limits for single-coverage ESI rose to $4,246 nationwide, an increase of $147, or 3.6 percent, between 2016 and 2017. Required co-pays for office visits rose 2.4 percent for primary care and 4.2 percent for specialist care.

 

“Premiums, out-of-pockets and deductibles are on the rise for the majority of Americans who get their health insurance through work,” said Mona Shah, a program officer at RWJF. “Cost increases at this level aren’t sustainable and require a renewed commitment to improving the effectiveness and value of health care services, so insurance can be more affordable for everyone.”

 

Older

Study: Majority Of Drivers ‘Fess Up To Texting Behind The Wheel

Newer

Fidelity National Financial Announces 3rd Quarter 2018 Earnings Release and Conference Call

Advisor News

  • Some major REITs limiting cash-out requests from investors
  • Four stages of retirement planning
  • Can you work while on Social Security?
  • Even on $100K-plus, more Americans are living paycheck-to-paycheck
  • Opinion: the state wealth-tax alliance
More Advisor News

Annuity News

  • Sweet streams of income: ChatGPT, the bard of annuities
  • F&G Annuities & Life announces equity investment in life IMO SYNCIS
  • Investors scrambling to lock in rates propel annuity sales to record highs
  • North American and Annexus launch new fixed index annuity
  • Producers stew as insurers slow to process life and annuity applications
More Annuity News

Health/Employee Benefits News

  • Medicaid coverage is expiring for millions of Americans – but there's a proven way to keep many of them insured
  • Health savings account balances increase in 2021
  • Outcome Health trial gets underway with prosecutors alleging former execs were involved in $1 billion fraud scheme
  • Bill incentivizing gun owners to secure firearms addresses public health concern
  • With CalPERS, add another to list of California's botched projects
More Health/Employee Benefits News

Life Insurance News

  • NAIFA’s Future Leaders Program offers free sessions for students
  • Scott Boutin named president of Standard Security Life
  • Agent insists Alex Murdaugh suggested he killed his son
  • 78% of families suffer financially handling estate affairs
  • National Life expands living benefits suite
Sponsor
More Life Insurance News
The time is 05:16:59am test

- Presented By -

Top Read Stories

  • Investors scrambling to lock in rates propel annuity sales to record highs
  • Chicago news roundup: PPP fraud uncovered in Chicago, informant reveals $100K bounty on FBG Duck and more
  • For some, nothing to fear from taking RMDs, professor says
  • North Carolina businessman pleads guilty in multi-million tax fraud case
  • Study: Education level should drive decisions on Social Security, annuities
More Top Read Stories >

FEATURED OFFERS

Meet Encova Life
We know agents matter. You can count on our life team to be high tech, high touch and responsive.

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.