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A recent Commonwealth Fund Report, that analyzes employer-sponsored health plans, provides insights that can help brokers answer clients’ questions about the ongoing trend in increased premiums, deductibles, and out-of-pocket spending.
An estimated 164 million under age 65, or roughly half the population of the United States have insurance through employers. “California workers went from spending 8% of their income on health insurance premiums and deductibles in 2008, about $4,100, to nearly 12% of their income on premiums and deductibles in 2018, about $6,900. That is a 68% jump in employees’ health care spending over the past decade — which far outpaces wage growth during the same period. Between 2008 and 2018, median household income in the state grew just 16%, from about $52,000 to $60,000, according to the report.” (San Francisco Chronicle article.)
A summary of employer-sponsored insurance premium costs, employee contribution to premium costs, employee deductible costs, and the total potential out-of-pocket costs can be found on this flyer.
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