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Highly Surging Premiums for Family Health Insurance at Work Reach $24,000

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Last Updated on October 19, 2023 by Robert C. Hoopes

Title: Rising Cost of Job-Based Health Insurance Causes Concern for Workers and Employers

Subtitle: Premiums Increase and Abortion Coverage Challenged in the Workplace

Date: [Insert Date]

As we enter a new year, the cost of job-based health insurance plans is once again on the rise, posing financial challenges for both employees and employers. An analysis conducted by My MBA Career reveals that the average cost of family health insurance coverage at work has increased by 7% compared to last year, reaching a staggering amount of nearly $24,000.

With the rising premiums, employees are also facing a higher share of the cost. On average, workers are now paying $6,575 for their portion of the premium, marking an 8% increase from the previous year. These increases in premiums are in line with the rise in wages and inflation since 2022, indicating a broader trend that affects the American workforce.

Interestingly, while premiums continue to rise, deductibles have remained mostly unchanged. This trend reflects employers’ concerns about the financial burden imposed on workers already grappling with increasing expenses. By keeping deductibles flat, employers are attempting to strike a balance between employee well-being and overall financial sustainability.

Unfortunately, the burden does not end here. A concerning statistic reveals that nearly a quarter of companies have plans to further increase employees’ premium contributions over the next two years, adding more strain to their monthly expenses. Additionally, the analysis reveals that workers at smaller firms often bear a higher burden for health insurance coverage compared to their counterparts at larger companies.

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In light of recent legal developments, the issue of abortion coverage has also surfaced within the job-based health insurance landscape. The Supreme Court’s decision on abortion rights has posed challenges for some large employers, with one in 10 large firms opting not to cover legal abortions in their most comprehensive plan. Moreover, 18% of these firms only provide coverage for abortion under limited circumstances.

In an effort to support their workforce, select companies have implemented measures to help employees who may need to travel to other states for abortions. These employers offer financial assistance to ease the burden of the legal and logistical challenges associated with seeking abortion services outside their home state.

As the cost of job-based health insurance continues to increase, it is important for workers and employers alike to stay informed and advocate for fair and affordable coverage. With rising premiums and potential challenges surrounding abortion coverage, addressing these concerns will be crucial for fostering a healthy and supportive work environment in the years to come.

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Phyllis J. Broussard is an accomplished writer and educator with a passion for MBA courses. With years of experience in both academia and industry, she has established herself as an expert in the field of business education. Her writing on MBA courses is highly regarded for its depth of insight and practical application.

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