Monday, October 31, 2011

US Health Insurance Costs Rising

Businesses and staff in the US are struggling to meet the increasing cost of health insurance policies, with the cost of yearly family premiums growing at a faster rate than wages.

The country is still dealing with economic issues, however premiums have risen an average of 8% compared to last year which exceeds the wage rise an average employee will have received.

The US system largely relies on employer provision of healthcare but worryingly there is a year on year decrease in the amount of people covered by their employer. Most schemes involve workers contributing towards the policy to allow it to cover their family too, with the average employee contributing 28% of the cost. This is an increase of 131% when compared to 10 years ago.

While no specific reasons have been given for the above inflation increase it has been widely suggested that insurance companies set their premiums in anticipation of the economy improving, which unfortunately has not yet happened.

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