The cost of employer-sponsored health insurance coverage is rising an average of 7 percent next year to about $24,000 per employee, the sharpest yearly increase since 2011, according to health care research organization KFF.
Workers’ yearly share of the cost will average $6,575 in 2024, about $500 more than this year.
The cost of care rose, in part, because hospitals renegotiated contracts with insurance providers. These contracts usually cover several years, so hospitals are capturing both past and expected future cost increases while they have the chance.
As a result, costs are likely to climb higher next year as well, insurance executives told The Wall Street Journal.
Even though costs are rising, deductibles—employees’ out-of-pocket costs for services—are unlikely to rise much if at all, the WSJ reported.
The reason: companies are hesitating to load even more health care costs onto employees in a tight labor market. Also, some employers worry that higher costs could keep some workers from getting care they need, eventually leading to time missed from work as minor complaints fester into illnesses.
Coverage for abortion remains a sticking point.
Companies with 5,000 or more workers are more inclined to provide coverage, although many do so only in special cases, such as rape or incest, the WSJ said.
Some employers pay travel costs for workers to travel to have an abortion as access becomes restricted in various states. About 40 percent of companies KFF surveyed said they were unsure what to do about abortion coverage.
TREND FORECAST: The more the health of Americans decline, the higher the rates of insurance will rise. As following the current trend lines, the nation’s health will continue to decrease in the junk food addicted nation. See:
● “FAT CHANCE FOR GOOD HEALTH” (11 Aug 2021)
● “LONG LOCKDOWNS = MENTAL HEALTH CRISIS” (16 Feb 2021)
● “A YEAR IN LOCKDOWN = U.S. ‘STRESS’ PANDEMIC” (30 Mar 2021)
● “AMERICA’S FULL SPECTRUM DECLINE” (10 May 2022)
● “COVID JABS HAVE ERASED 25 YEARS OF HEALTH GAINS” (10 Jan 2023)
● “THE GROWING LIST OF COVID LIES” (21 Feb 2023)
● “BLIMPITIS: AMERICANS ARE STRESSED OUT AND GETTING FATTER” (11 Jul 2023)
● “U.S. EXPERIENCING ‘CRISIS OF EARLY DEATH’” (12 Sep 2023)
● “AS FORECAST: OBESITY KILLING AMERICANS” (19 Sep 2023)