As the country waits to see how the Supreme Court will rule on the constitutionality of the 2010 Patient Protection and Affordable Care Act, the cost of health care is predicted to increase between 7% – 8% for the fifth year in a row, according to health care consulting company, Millman Inc.
Specifically, Millman is projecting that the average cost of health care to cover a family of four will exceed $20,000 this year. That’s more than double the average annual cost of the same coverage from 2002, of $9,235.
What is troublesome about these increases is that many employers bear the burden of paying for the majority of their employees’ health care costs. The additional amount due from employees each year is becoming more difficult to maintain, especially for workers who receive little or no increase in pay from year-to-year.
Additionally, many employers are cutting back on health care coverage packages due to rising costs, meaning employees are stuck with less comprehensive coverage. If that isn’t enough, there are 50 million Americans living without health insurance today.
The rate at which costs are increasing could very well end up becoming unsustainable for employers and employees. The pressure to fix the affordability of the nation’s health care system has never been greater.
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