Health Insurance Premiums Jump

The average cost of workplace health insurance premiums for family coverage reached nearly $24,000 this year, jumping 7% from 2022, according to the latest annual Kaiser Family Foundation survey of employer-sponsored coverage. Workers on average contributed $6,575 toward the cost of family coverage — up about $500 from last year — while employers kicked in $17,393, according to the KFF survey of over 2,000 firms. “It’s just an incredible amount of money to spend on health insurance every year,” according to KFF health insurance expert Matthew Rae, a co-author of the report. Higher expenses for healthcare providers increase health costs for employers, which is leading to higher premiums. Average deductibles stayed largely the same in recent years, hovering around $1,735 and continuing five years of relatively flat deductible growth following years of steady hikes. Read more.