Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance > Health Insurance

Health Insurance Cost Rises 11% for Manufacturers

Your article was successfully shared with the contacts you provided.

Manufacturing companies in the U.S. saw an average premium increase of 11% for health care in 2010, according to a newly released survey.

More than 80% percent of manufacturers participating in the 2010 Compensation Data Manufacturing survey report paying over $7,200 annually for a family plan.

The economic downturn of the last couple of years has only amplified financial concerns, causing organizations to increase their efforts to find ways to reduce some of the costs of providing health care coverage for their employees, according to the study, conducted by Compdata Surveys, Kansas City, Kans.

Employee-plus-spouse plans cost employers more than $4,800 per year, Compdata found. Manufacturers pay more than $2,400 each year for employee-only coverage, with employees paying more than $300 per year for the same coverage.

Although employees have become responsible for paying a larger portion of their medical insurance premiums over the last few years, employers still cover on average over 70% of the total cost, Compdata reports.



© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.