Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
As many companies will soon begin offering open enrollment for 2024 health care plans, the cost for both businesses and workers are quickly rising.
According to annual data released by KFF, the average family's health care premium cost $23,968 in 2023, marking a 7% increase over last year. In the last decade, health care costs generally rise between 3% to 5% annually. The average worker now contributes $6,575 annually to their family's health care plan, which is up nearly $1,000 from 2018. But during that same time, the cost for employers has gone up over $3,000 per family plan.
"There's been some consolidation among hospitals, and hospitals have been buying up doctor practices," he said."So there's less competition among providers, giving them a little bit of more leverage than they've had in the past, and at the same time, many, many contracts between providers and health plans are multiyear contracts.
"You need to think about your personal situation and whether or not that high deductible makes sense," he said."For a lot of people, it will, but for some people, it won't. You need to consider whether or not your employer is putting money into an account for you. If you have a high deductible, you might have a health reimbursement arrangement or a health savings account.
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