Average Employee Health Insurance Cost Per Month

The Rising Cost of Health Insurance for Employees

Health insurance premiums for employees have been on the rise for years. Companies of all sizes have had to pass on increasing costs to their employees. According to the Kaiser Family Foundation, the average cost of employer-sponsored health insurance premiums for an individual has increased from $5,791 per year in 2008 to $6,896 in 2018. That’s an increase of nearly 19 percent in 10 years. The average cost of family insurance premiums rose from $15,073 in 2008 to $19,616 in 2018, an increase of nearly 30 percent.

Factors That Influence Health Insurance Costs

There are many factors that can influence the cost of health insurance for employees. These include the age of the employee, the number of dependents, the type of plan chosen, and the geographical area in which the employee lives. Other factors include the number of employers in the insurance pool and the type of benefits offered. In some cases, employers may offer a variety of options that can be tailored to meet the individual needs of their employees.

Average Health Insurance Cost Per Month for an Employee in 2018

The average monthly health insurance premium for an employee in 2018 was $574 for an individual plan. The average monthly premium for a family plan was $1,634. The average deductible for an individual plan was $1,573, while the average deductible for a family plan was $3,018. According to the Kaiser Family Foundation, the average out-of-pocket maximum for an individual plan was $6,892, while the average out-of-pocket maximum for a family plan was $13,763.

How Employers Can Help Offset Health Insurance Costs

Employers can help offset the cost of health insurance for their employees in a variety of ways. Employers can offer a range of health insurance plans to their employees, allowing them to select a plan that best meets their needs and budget. Employers can also offer incentives, such as lower co-payments and deductibles, to employees who participate in health and wellness programs. Employers can also provide employees with tools and resources to help them make informed decisions about their health care.

How Employees Can Help Reduce Their Health Insurance Costs

Employees can also help reduce their health insurance costs by taking steps to maintain their health. Eating a balanced diet, exercising regularly, and getting regular check-ups can help prevent costly illnesses or injuries that may require expensive medical care. Employees can also take advantage of free or low-cost preventive services, such as annual physicals and flu shots.

Conclusion

The cost of health insurance for employees is an important factor for employers and employees alike. Employers can help offset the cost of health insurance by offering a range of plans and incentives to their employees. Employees can help reduce their health insurance costs by taking steps to maintain their health and by taking advantage of preventive services.