September 2019

US Family Healthcare Costs Hit Record High

An annual survey by the Kaiser Family Foundation says that family coverage is now at $20,000. The report utilized responses from over 2,000 U.S. workers who get insurance through their work. It’s as much as buying a basic economy car, but buying it every year, Kaiser CEO Drew Altman, via 'Bloomberg'. The survey adds that workers are contributing $6,000 to the family plan, even with the help of employers. With costs rising so high, many have taken on cheaper plans or avoided insurance altogether. Over the past decade, average deductibles for a single person have more than doubled. It has gone from $533 in 2009 to $1,396 in 2019. A recent report from the Federal Reserve says 40 percent will have trouble paying a $400 expense they didn't foresee. . The issue has led some businesses to curb the costs their employees pay. According to a survey by the National Business Group on Health, by next year, less of them will require workers to link savings accounts with high-deductible coverage. The organization says 25 percent of big companies will still use “consumer-directed health plans" by then.