COMPANIES’ premiums for employees’ family health insurance increased at more than double the US inflation rate to over $25,000 in 2024 as costs of care rose, according to a study.
The average employer-sponsored health insurance premium for families jumped 7 percent to $25,572 this year, nonprofit health researcher KFF said Wednesday, compared with the overall US inflation rate of 3.2 percent. The 2024 increase matches the growth rate from the previous year, following a pandemic lull.
“Health-care prices are often set in advance, and there is a lag in how long it takes higher prices to filter through to premiums,” said Matthew Rae, associate director of KFF’s Health Care Marketplace Program and a co-author of the annual survey. “While inflation is lower this year, the growth in premiums we are seeing may still be reflecting the higher prices we saw in 2022 and 2023.
“I think what we’re seeing is that employers are still figuring it out and that at least this year,” coverage of the drugs will be relatively modest, Rae said.WORKERS contribute an average of $6,296 a year for family coverage, about a quarter of annual premiums, according to KFF’s survey. That hasn’t risen as much as premiums have: Over the past five years, the amount families contribute has only gone up 5 percent.
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