If you work for a major corporation, the cost of
your health insurance in America could be the price of a new car, according to
the Kaiser Family Foundation (KFF) research published September 29, 2019, on
health benefits for business owners.
How much are health insurance premiums in
America?
The average annual premium for health coverage
for a family of four is $20,576, which is roughly the same as the price of a
2019 Honda Civic.
On average, families bear about $6,015 of that
cost, which means that business owners bear 71% of the premium.
Business owners pay premiums of $7,188 per
employee, while the employee pays $1,242, or 18% of the premium value.
PPO insurance plan is the most popular, offering
44% of insurance coverage for workers, followed by high-deductible health plans
with savings options, such as a health savings account, offering 30% of
insurance coverage for workers.
Of course, what employers spend on their
employees' health insurance affects their wages, so employees bear the burden
of paying premiums more than the numbers show. In fact, the high cost of health
insurance is one reason why wages have not increased significantly over the
past two decades.
At the same time, employees must pay insurance
premiums from their pre-tax income, but their insurance burden may be lower
than those who obtain their insurance from the federal health insurance
markets, or from the health insurance exchanges of the United States of
America.
Individual health insurance premiums in America
At the time of writing this article, the
government website for health care has not announced premiums for insurance
plans on insurance exchanges, however, on October 22, the US Department of
Health announced a decrease in the value of premiums, and an increase in the
number of insurance plans available for 2020.
This year, the insurance exchanges will offer
insurance plans through 175 service providers instead of 132 two years ago, but
this is still less than the number of service providers in 2016, when it
amounted to 237, and the media sector of the Ministry announced changes in the
premiums of registered individuals from the age of 27 years in what It is known
as the reference plan, in the context of the current administration's talk
about improving market conditions.
The reference plan is the second lowest cost of
the silver insurance plan, available through the health insurance exchange in a
particular region, and it varies from state to state. It is called the reference
plan because the government uses it - in addition to income - to determine the
amount of support due on insurance premiums.
The Ministry of Health announced a reduction in
the average premium of the second lowest cost for the Silver plan, by 4% from 2019
to 2020, on the government’s healthcare website.
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