Your health insurance costs are about to go up in 2020


Employers and workers will shell out more cash for health insurance in 2020.

Large companies predict the total cost of workplace health-care coverage to reach an average of $15,375 next year, according the National Business Group on Health. That’s up from $14,642 in 2019.

This figure combines workers’ and employers’ spending on insurance. Employees are expected to shoulder about $4,500 in costs next year, including out-of-pocket spending, the group found.

The organization, which represents large employers’ perspectives on health-care policy, polled 147 large employers to get their perspectives on health-care trends.

Employees with families face even steeper costs.

In 2018, employers spent an average of $15,159 in premiums to cover a family of four, according to the Kaiser Family Foundation.

Those workers paid a total of $7,726 in 2018. Of that, $3,020 came from cost-sharing, including deductibles, coinsurance and copayments.

“Employer premiums are going up; they pay more each year,” said Cynthia Cox, vice president at the Kaiser Family Foundation. “But so do the employees and their families.”

Deductibles — the amount you must pay before the insurance company provides benefits — now account for more than half of workers’ out-of-pocket spending, Kaiser found. That’s up from 26% in 2008.

Indeed, among workers in a plan with an annual deductible, the average for single coverage in 2018 was $1,573, Kaiser found.

The average was even higher for high-deductible health plans: $2,349 for single coverage.

High-deductible plans, however, often come with a health savings account or HSA — that is, a tax-advantaged account that allows workers to save pretax dollars, grow their money free of tax and use the money for qualified health expenses….Read more>>