Editor's Note: This article has been updated with the latest information of group health insurance costs. The article was published in September 2014.
As small research employers health insurance coverage options, it is common to evaluate different strategies and cost. So how much is the group health insurance? In 2015, Kaiser Family Foundation (KFF to) found the average premium for individual coverage was $ 521 per month, or $ 6,251 per year. The average premium for family coverage was $ 1,462 per month or $ 17.545 per year.
Group Health Insurance Costs
According to the survey of KFF, the average health insurance policy group totaled $ 6,251 per year for a individual coverage in 2015. on average, employers paid 83 percent of the premium, or $ 5.179 per year. Employees paid the remaining 17 percent, or $ 1.071 per year.
For family coverage, the average totaled $ 17.545 per policy year with employers contributing on average 72 percent or $ 12.591. Employees paid the remaining 28 percent, or $ 4,955 per year.
These costs reflect national US average. There are several factors that influence the cost of your company's policy, including:
- Location
- employee census (population)
- Number of participants
- Carrier
- Coverage Plan
- Structure Plan
- Network providers
for quotes on available choice of diet and costs, contact a health insurance agent licensed in your state.
Group Health Insurance Costs on the Rise
As you research policies, keep group health insurance costs are rising spirit.
According to KFF, from 1999 to 2015, premiums increased by 220 percent for single coverage and 203 percent for family coverage. Moreover, deductibles are increasing much faster than premiums, wages and inflation. In 2015, 81 percent of covered workers were in plans with an annual deductible of $ 1,318 for individual coverage.
The increase in costs pose challenges for many small employers and their employees. While 98 percent of large employers (0 or more workers) offer coverage, less than half (47 percent) of smaller employers (three to nine workers) offer coverage.
In fact, small businesses report their insurance costs have nearly doubled since 09, with 91 percent of small businesses reporting an increase in their health plan to their most recent renewal of health insurance .
is there an alternative to pay for group health insurance costs?
Yes. Employers can monitor their health insurance costs with a simple solution :. Repay the premiums instead of paying for them
In other words, employers can reimburse employees tax-free for their individual insurance premiums by establishing a consistent formal repayment plan health (yes, it is still allowed). In doing so, employers are able to fix their costs on a monthly basis, and employees can choose an individual health insurance policy that best meets their health and financial needs.
In addition to offering more choice, the individual health insurance costs up to 60 percent less than in the group health insurance. This makes individual repayment of health insurance a cost effective solution for employers who want to provide health care benefits to their employees.
Conclusion
When evaluating the cost of group health insurance, it may be helpful to understand national trends and receive detailed quotes an agent. And if the costs or group health insurance risks are too high, an option for controlling costs while providing employees quality health services is a reimbursement program for individual health insurance.
What questions do you have on the cost of group health insurance? Leave a question or comment below.
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