Health insurance costs are still going up, though at a slower pace than earlier this decade. According to the latest figures, the increase in premiums paid for family coverage through employer-sponsored health insurance plans easily outpaced growth in wages and overall inflation in 2009.
A new joint report by the Kaiser Family Foundation and the Health Research and Educational Trust indicates that premiums for a full year of employee family coverage reached an average of $13,375 in 2009. Workers, on average, paid $3,515 of that amount, while employers contributed a hefty $9,860. Those totals represent an increase of 5% from 2008.
Meanwhile, average premiums for single coverage were statistically flat. Out of an average monthly premium of $4,824, employees paid $779 while employers picked up $4,045 of the tab.
How can your business stem the tide? Consider these suggestions.
- Explore plan options that may limit premiums in return for stricter rules about choosing doctors and hospitals. Though your employees won’t welcome such restrictions, they’re preferable to dropping coverage altogether.
- Consider Health Savings Accounts, used in conjunction with high-deductible plans, which may reduce company and employee outlays.
- Create incentives for staying healthy.
- Regularly shop around for the best deal on insurance.
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