Healthcare Industry News > 2008 Health Insurance Premium Increases

2008 Health Insurance Premium Increases

Shocking premium increases are the norm during this open enrollment season.  One retired postal worker saw his premium increase by $122 a month.  It was an increase of 54% and that’s with his former employer covering two-thirds of the costs of his monthly premium – over $1,000 per month.

His increase may not be typical, but his situation is.  Most people are seeing premium increases of between 10 to 25% for the 2008 year.  However, some individuals will see much greater increases because their employers are passing on a larger portion of the costs to them.  To help reduce their own costs, employers have also begun charging higher co-payments and deductibles or dropping some parts of the coverage.

Employers are also looking into wellness programs that encourage workers to improve their lifestyles so they require less in health insurance spending.  Additionally, health savings accounts and their accompanying high-deductible medical insurance plans are becoming another option for business owners.

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