New Report on Employer Insurance Published

What You Need to Know

KFF just released its 26th Employer Health Benefits Survey, which focuses on employer-sponsored health benefits for 2024. Key takeaways include:

• Over the last year, the average premium for single and family coverage increased 6% and 7% respectively.
• For family coverage, total premiums have increased 24% over the last 5 years, with workers bearing 5% of that increase and employers picking up the remaining 19%.
• Covered workers pay 16% of the total premium on average for single coverage and 25% for family coverage.
• In 2024, PPO plans covered 48% of covered workers, high-deductible plans with a savings account covered 27%, HMO's covered 13%, and POS plans covered 11%.
• Almost 2/3rds of covered workers (63%) are covered by a self-funded plan.
• 8% of firms with 50 or more employees offer a narrow network plan, down from 11% in 2023.

What This Means for You

The KFF data highlights several trends that could affect your business and the patients you care for: 

1. While premium increases are affecting both employers and employees, employers have borne a higher percentage of those increases over the last 5 years than employees. Both individuals and organizations face rising costs related to their health insurance.
2. Plans that restrict access to different health care providers (HMO's, POS's) are less attractive to employees despite their generally lower premiums and deductibles.
3. A majority of workers are covered by plans regulated by federal law (i.e., self-funded/insured plans).
4. Narrow network plans are still a minority of all health plans.

To read the complete KFF report, click here.