Insurance premiums are rising faster than last year
According to a recent study, annual family health insurance premiums are growing three times as fast as they were in 2010 and are now exceeding wage increases.
A study published by the Kaiser Family Foundation found that family health insurance premiums in group health plans rose 9 percent while single premiums climbed 8 percent, compared with 3 percent and 5 percent last year. In the United States, health insurance is typically provided by employers, although Census numbers are finding more Americans are losing their business-provided insurance.
The study surveyed some 2,088 randomly selected employers and found that on the average, employees are paying about $4,000 a year for business-backed family plans – that number is 131 percent higher than it was ten years ago in 2001.When including payments from employers, overall premiums have increased about 113 percent since 2001. According to the study, more workers are joining high-deductible health plans.
Obama’s Healthcare Reform Begins to Kicks In
Early results of Obama’s healthcare reform law also were observed in the study. Specifically, the provision allowing children under 26 to receive coverage by their parent’s insurance plans appears to have had an effect. The Kaiser study estimates that 2.3 million young adults have been added to employer-backed family health insurance plans. This has had a negative effect in further raising premiums. Health care reform supporters claim that most cost-cutting provisions have yet to kick in.
What about You?
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Source:
Selyukh, Alina. Reuters Health insurance premiums climb faster in 2011
September 27, 2011
http://www.reuters.com/article/2011/09/27/us-usa-health-poll-kaiser-idUSTRE78Q31820110927
