Group Health Insurance Costs Rising Sharply
The cost of group health insurance for employers climbed more than 9 percent this year adding more uncertainty for the small business owner. According to The New York Times, the average annual premium for family coverage reached $15,073 in 2011. 10 years ago, the average cost per family averaged was about $7061, meaning health insurance premiums for employers have more than doubled.
Employees are feeling the effects of these increases as well. In a desperate effort to reduce health care costs, employers are passing these increases off to employees making them pay more for their health coverage. The year, it is estimated that employees will pay an average of $2,275 for their health insurance coverage, an all time high.
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