In 2024, employer-sponsored family health premiums have increased by 7%, reaching an average of $25,572. This marks the second consecutive year of similar growth and reflects the ongoing challenge of healthcare costs for both employers and employees.
The rise in premiums aligns with inflation and wage growth over the past five years, with a cumulative increase of 24%. Employee contributions to family plans have remained stable, indicating that employers are hesitant to shift rising costs onto employees.
Single coverage premiums have also risen by 6% to an average of $8,951 in 2024. Premium costs for single coverage are relatively comparable between large and small employers. However, small employers tend to have higher deductibles, with workers at companies with 200 or fewer employees facing an average deductible of $2,575.
The survey also reveals that many employers do not provide coverage for emerging treatments such as GLP-1 drugs, and there are gaps in coverage for fertility treatments and mental health services.
As healthcare costs continue to rise, finding innovative solutions to alleviate the financial burden on employers and employees remains crucial.