New Survey Shows 7% Increase in Employer-Sponsored Medical Benefit Costs

Posted in Health Insurance

November 17th, 2009

A recent survey shows that U.S. employers will see a 7 percent increase in their medical benefit expenditures in 2010. The survey, conducted by Towers Perrin, says that the increases in overall health care costs, as well as the current economic climate, are playing a role in the benefits cost increase.

As an employee, a 7 percent increase in medical benefit expenditures will very likely trickle down to you. According to the study,in2010, the Towers Perrin study shows the average cost of medical coverage will be$5,124 annually, or $427 per month, for an active employee with no dependents. This price skyrockets to $15,084 annually or $1,257 per month when an entire family is covered. While employers will continue to fund 78 percent of that amount, employees will still see an increase in their own contributions of nearly 10 percent, or $200 for the year.

Unfortunately, rising health care costs are affecting everyone, which is why changes made in health care reform are so important. So far, provisions in the reform proposed by the Senate Finance Committee would place a cap on the amount companies are able to impose on workers.

In the meantime, both employees and employers will likely have to shoulder the costs associated with rising costs in health care and hope more affordable options will present themselves in the near future.

Have you seen increases in the costs associated with your health care benefits?