With healthcare costs projected to increase by 8% next year, a new analysis has been released looking at health insurance premiums in the U.S., with data specific to New York State.
Researchers at Take Command, a platform that helps companies provide health benefits to employees through Health Reimbursement Arrangements, calculated the employee and employer contribution amounts to employer-sponsored health plans. Here are the key findings from the analysis:
Key Takeaways, With Data for New York State
- Premiums outpace inflation nationwide: In 2000, the average single coverage premium was $4,698 in 2023 dollars, with employees paying $796 and employers covering the remaining $3,902. By 2023, average premiums had risen to $8,182, with employees contributing $1,640; employers, $6,542—an inflation-adjusted increase of 74%.
- Family coverage premiums have doubled: The average inflation-adjusted premium for family coverage in the U.S. was $11,983 in 2000; by 2023, that figure had grown to $23,938, and employee contributions increased from an average of $2,856 to $6,889.
- Health insurance premiums in New York State: In 2023, the average premium for single coverage in New York State reached $9,173 per year—the 3rd highest in the country. Meanwhile, family coverage cost an average of $26,355 annually.
- Employee vs. employer contributions: For single coverage, employees in New York State contributed $1,854 on average last year, while employers contributed the remaining $7,319. For family coverage, employees paid $7,325; employers, $19,030.
You can read the full study here, including all sources: https://www.takecommandhealth.com/health-insurance-cost-by-state.