Health Insurance Affordability Crisis: Premiums Rising 6% Annually While Wages Lag
By
brandonb
Kettled twice. Extra chewy, extra trustworthy.
Summary
The article examines the rising costs of health insurance and questions its value for many Americans. It highlights that family premiums have increased 6% annually over 26 years while wages have only grown 3.3% in the same period, creating an affordability crisis. The piece focuses on individual market plans that can cost over $43,000 annually without tax advantages, and discusses how open enrollment season reveals shocking premium costs and out-of-pocket maximums that make health insurance increasingly unaffordable for many families.
Key quotes
· 4 pulledFamily premiums have increased 6% a year over 26 years. Wages have gone up about 3.3% in the same time period.
These are annual premiums of over $43,000 with no tax advantage like in ESI plans, since they're purchased on the individual market.
The cost of health insurance coverage these days is eye opening and raises a long-standing question: What percent of people is health insurance actually worth paying for?
Premiums going up 6 percent a year isn't a long-term sustainable solution.
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