Health Insurance Costs

RISING HEALTH INSURANCE COSTS

Insurance costs continue to keep rising more and more, along with unemployment rates. This causes a huge problem because it is becoming extremely hard for people working, who do have benefits, to be able to pay for insurance costs. Therefore it is pretty much impossible for unemployed people to be able to afford the outrageously high insurance costs. Not only are the premiums for insurance getting higher, but also the copayments and deductibles are getting higher, along with more services that are not being covered.

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Premiums versus Paychecks (Below Information)

The following Information was taken from a article called Premiums versus Paychecks: A Growing Burden for Connecticut's Workers (Reference ₁)

"Over the past eight years (2000 through 2007), family health insurance premiums for Connecticut's workers rose 8.2 times more quickly than median earnings. On average, health care premiums for families rose by 80.7 percent, while median earnings rose by only 9.9 percent." ₁Spiraling Health Insurance Premiums for Connecticut's Workers and Employers (2000-2007)

Health insurance premiums for Connecticut’s working families skyrocketed over the last
eight years, increasing by 80.7 percent from 2000 to 2007 (Table 1).
For family health coverage in Connecticut, the average annual premium (employer and worker
share of premiums combined) rose from $7,292 to $13,173, an increase of $5,881 (Table 1).
For family health coverage in the state, the employer’s portion of annual premiums rose
from $5,761 to $10,051 (a difference of $4,291), while the worker’s portion rose from
$1,531 to $3,122 (a difference of $1,591) (Table 1).

Table 1 - Increases in Premiums for Family Coverage in Connecticut, Employer-Based Health Insurance, 2000-2007 *

Premiums By Source of Payment	*2000*	*2007*	Dollar Change	Percent Change
Total Premium Spending per Worker (Employer and Worker Share)	$ 7, 292	$ 13, 173	$ 5, 881	80.7%
Share of Premium Paid by Employer	$ 5, 761	$ 10, 051	$ 4, 291	74.5%
Share of Premium Paid by Worker	$ 1, 531	$ 3, 122	$ 1, 591	103.9%

* Numbers do not add due to rounding
Source: Estimates prepared by Families USA based on Medical Expenditure Panel Survey (MEPS) data.

For individual health coverage in Connecticut, the average annual premium (employer and worker share of premiums combined) rose from $3,057 to $4,671, an increase of $1,614 (Table 2).
For individual health coverage in the state, the employer's portion of annual premiums rose from $2,528 to $3,755 (a difference of $1,227), while the worker's portion rose from $529 to $915 (a difference of $387) (Table 2).

Table 2 - Increases in Premiums for Individual Coverage in Connecticut, Employer-Based Health Insurance, 2000-2007 *

Premiums By Source of Payment	*2000*	*2007*	Dollar Change	Percent Change
Total Premium Spending per Worker (Employer and Worker Share)	$ 3, 057	$ 4, 671	$ 1, 614	52.8%
Share of Premium Pain by Employer	$ 2, 528	$ 3, 755	$ 1, 227	48.5%
Share of Premium Paid by Worker	$ 529	$ 915	$ 387	73.1%

* Numbers do not add due to rounding
Source: Estimates prepared by Familues USA based on Medical Expenditure Panel Survey (MEPS) data.

Slow Wage Growth for Connecticut Workers

Between 2000 and 2007, the median earning of Connecticut's workers increased from $32,106 to $35,281-a mere $3,175, or 9.9 percent (Table 3).
Health insurance premiums for Connecticut's families rose 8.2 times faster than median earning from 2000 to 2007 (Table 4).

Table 3 - Growth in Earning in Connecticut, 2000-2007

Median Earnings		Dollar Change	Percent Change
*2000*	*2007*
$ 32, 106	$ 35, 281	$ 3, 175	9.9%

Source: Estimates by Families USA based on U.S. Census Bureau's American Community Survey (ACS) data for median worker earnings.

Table 4 - Growth in Premiums in Connecticut for Family Health Insurance Coverage Compared to Growth in Earnings, 2000-2007

2000-2007		Premium Increases as a Multiple of Earnings Growth
Percent Change In Total Family Premium	Percent Change In Median Earnings	Premium Increases as a Multiple of Earnings Growth
80.7%	9.9%	8.2

Source: Estimates by Families USA.