The health industrys main lobbying group, Americas Health Insurance Plans, reports that medical premiums increased 8.8% between 2004 and 2005. The lobbying group claims this is good news since the actual premium rate of growth has continued to slow from a rate of more than 13% in 2002. The increase in health premiums is reportedly most likely due to the increased use of doctor and hospital services.
The accounting firm, PriceWaterhouseCoopers, reports that just 14% of the increase had to do with administration or marketing costs or higher insurance profits. According to the Kaiser Family Foundation, an average health care plan obtained through an employer in 2005 approached $11,000. The average annual cost for the worker was approximately $3,500 plus deductibles and co-pays.
Employers are currently shifting more and more of the health care costs to their employees. Studies show that employers decreased health care spending by 1.3%, while employees increased spending by 5.5%. What were aware of is that health care costs, says Judy Feder, PhD, dean of the Public Policy Institute at Georgetown University, even when they slow down, are still outpacing peoples...
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