Boy, these health insurance premium hikes are getting out of hand. 🖐️ Literally! We already gave them an arm and a leg…what’s next? Actually, we don’t wanna know. 🫣🫴
All across the country, the cost of health insurance is still on the rise. 📈 And now, even people who get their insurance through work are feeling the burn. Let’s unpack some new data. ⬇️
Here’s Five Fast Facts on employer-sponsored benefits in PA:
- 🦈 Serious Snacking - Health insurance is taking a serious chomp out of PA paychecks. Workers are spending a higher share of their income on employer-sponsored coverage than they used to. Single coverage in 2024 was over $4,000 a year, roughly 9.5% of the state’s median household income.
- 💰 Biggie, Biggie, Biggie - Costs have been rising for years, but the latest increase is a big one. Data shows a 27% jump from last year alone, with costs now well above 2020 levels. Families feel it the most, paying more than $10,000 annually in premiums and deductibles.
- 😰 Bestie, I’m At My Limit - Employers can only handle higher premiums until they hit their limit. Small businesses, especially those buying plans through ACA marketplaces, got smacked with increases of around 20%. When it gets that pricey, passing some of the cost on to employees becomes a last resort.
- 💡 Savvy Solutions - Rising health costs are pushing companies to think outside the box. Some employers are helping workers buy individual plans or joining forces with other businesses to spread the cost. Others are testing on-site care options that make it easier to see a doctor for routine needs.
- 🥊 From All Sides - Experts say insurance costs are rising because health care is more complicated and expensive across the board. Hospital mergers, staffing shortages, higher supply costs, and increased use of expensive drugs all push prices up. Eventually, employers and workers get stuck with the bill.
🔥Bottom line: The healthcare cost crisis is a doozy. Something’s gotta give, and maybe that something is a bougie billionaire or Uncle Sam. Did you treat your sweetheart this Valentine’s Day? This year, many Americans went ga-ga for life’s simple pleasures (think: candy and a home-cooked meal). Want more post V-Day stats? Check out this article.
How has healthcare coverage changed at your workplace?
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