Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Tags: insurance | covid19 | inflation | wages

Report: Employer Insurance up 4 Percent From Last Year

Report: Employer Insurance up 4 Percent From Last Year
Demonstrators from the People's Action protest pharmaceutical companies' lobbying against allowing Medicare to negotiate lower prescription drug prices, during a rally outside Pharmaceutical Research and Manufacturers of America (PhRMA) headquarters in Washington, DC. (Saul Loeb/AFP via Getty)

By    |   Wednesday, 10 November 2021 05:14 PM EST

Employer-based health insurance has increased 4% from a year ago, according to the Kaiser Family Foundation (KFF).

The 2021 benchmark KFF Employer Health Benefits Survey conducted by the Foundation showed annual premiums had risen to $22,200 for families and $7,700 for individuals.

"The average single and family premiums increased 4% over the past year," according to the summary accompanying the report. "During this period, workers' wages increased 5% and inflation increased 1.9%. The average premium for family coverage has increased 22% over the last five years and 47% over the last ten years."

The increase in premiums was the same as 2020 but still outpaced inflation. Although the gap between rising workers' wages and premium costs disappeared this year, an analysis of the survey by Axios pointed out that the higher premiums still offset the wage gains.

KFF's summary also explored "changes employers and health plans made to address potential issues and uncertainties arising from the [COVID-19] pandemic."

However, they found little to write home about.

"Overall market characteristics changed little," the summary said. "Premiums continued on a modest growth trend, the share of people offered coverage at their work and the share of those covered by their jobs remained unchanged, as did the average deductible and other cost-sharing levels."

The most popular way for health insurance providers to mitigate the effects of the pandemic was to increase telemedicine services, Kaiser Health News (KHN) said about the survey.

"In 2021, 95% of employers offered at least some health care services through telemedicine, compared with 85% last year. These were often video appointments, but a growing number of companies allowed telemedicine visits by telephone or other communication modes," the survey-affiliated news organization reported.

Roughly 155 million Americans get their health coverage from an employer-based plan and will be directly affected by the premium increase.

© 2023 Newsmax. All rights reserved.

Employer-based health insurance has increased 4% from a year ago, according to a Nov. 10 press release from the Kaiser Family Foundation (KFF).
insurance, covid19, inflation, wages
Wednesday, 10 November 2021 05:14 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
Find Your Condition
Get Newsmax Text Alerts

The information presented on this website is not intended as specific medical advice and is not a substitute for professional medical treatment or diagnosis. Read Newsmax Terms and Conditions of Service.

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved
© Newsmax Media, Inc.
All Rights Reserved