Financial FitnessGeneral Information

My Health Insurance Costs HOW Much?

By February 13, 2020 No Comments

I recently had a conversation with a client and when we were putting together his financial plan, he said what a relief it’s been to be over 65 and pay a few hundred dollars per month for Medicare and how much money he was saving just on is health insurance premiums.

Kaiser, the healthcare organization, recently indicated that the average annual cost for health insurance coverage for a family plan in 2019 was $20,576, with the employer paying 71% of the total expense.

10 years earlier, in 2009, Kaiser went onto say the average cost was $13,375. In other words, from 2009 to 2019, the average annual cost for health insurance for a family plan was up 54%.

According to modernhealthcare.com, the healthcare spending in 2017 was 18% of our country’s GDP and they anticipate that percentage is going to continue to grow because they project that the cost of healthcare is going to grow at 5.5% versus 2% to 3% growth for overall economic GDP. So, the gap will continue to get wider and wider between the cost of healthcare spending and our gross domestic product.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  All performance referenced is historical and is no guarantee of future results.