Thursday, September 23, 2021

The Cost of Health Insurance in 2020

The 54 percent majority of Americans had employment-based health insurance in 2020, according to the Census Bureau's Current Population Survey. Employer-provided health insurance is costly for both employers and employees—and increasingly so, according to the Medical Expenditure Panel Survey. Here is how much employers and employees paid for health insurance in 2020 and how much those costs have grown since 2020, after adjusting for inflation...

Annual cost of health insurance for employers, 2020 (and % change 2010-20 in 2020$)
Single premium: $7,149 (22%)
Employee plus one: $14,191 (24%)
Family premium: $20,758 (26%)

Annual employee contribution for insurance, 2020 (and % change 2010-20 in 2020$)
Single coverage: $1,532 (27%)
Employee plus one: $4,035 (36%)
Family coverage: $5,978 (35%)

Source: Agency for Healthcare Research and Quality, Medical Expenditure Panel Survey, Statistical Brief 536: Trends in Health Insurance at Private Employers, 2008–2020

No comments: