Cost Of Family Health Insurance Up Slightly

by Cornelius Nunev

The Kaiser Family Foundation has found an increase in premiums for family health insurance occurred. However, the increase was reasonable when compared with recent years, as double-digit price increases has been the norm for some time.

<strong>Price of health insurance absurd</strong>

Everybody has heard some sort of inane spiel about "family values" at some time. The majority of the time it's double-speak for "nullifying women's rights," but in some instances there's a monetary value involved. One "family value" for a family of four is actually, according to Daily Finance, $15,745.

Or rather, that's the price of medical insurance for a family of four including two spouses and two kids, according to a recent survey by the Kaiser Family Foundation, a separate entity from Kaiser Permanente, the insurer, though involved under that corporate umbrella. That's enough to buy a new car every year, in cash.

A 9 percent increase over 2010 was seen in 2011, so the 4 percent increase in the last year was actually not that bad.

<strong>Worse for lower income employees</strong>

The yearly survey done by Kaiser will show up in the "Health Affairs" journal.

The employer pays much more of the cost than the worker. Of the $15,745 total, an employee only paid $4,316 while the employer paid $11,429. On an employee-only plan, the employer paid $5,615 with an employee contribution of $950. That was only a 3 percent increase.

Since 2002, there has been an enormous increase in health insurance costs, according to CNN. The average employee contribution in 2002 was $2,137 with a total of $8,003. The cost has increased in real terms thinking about the $8,003 increased to $10,192 when adjusted for inflation.

CNN points out those lower-wage employees actually pay more for medical insurance. Corporations where at least 35 ideal of employee make over $55,000 a year paid $1,000 less in insurance premiums than companies where 35 percent or more of workers made $24,000 or less per year.

<strong>Faster than inflation</strong>

Deductibles have also increased. According to the New York Times, roughly half of all plans have deductibles of $1,000 or more, when compared with 21 percent in 2007.

According to the Washington Post, part of the problem with family medical insurance plans is that wages are not keeping pace. Since 1999, medical insurance premiums have risen 172 percent and employee contributions have risen 180 percent. Wages have risen only 47 percent in that time, just above the 38 percent rise in central price inflation since that year.



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