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

Survey: Rising Health Rates Hit Home

Your article was successfully shared with the contacts you provided.

Insurance industry employers’ own health coverage costs are about 9.7% higher this year than they were in 2010.

Compdata Surveys, Olathe, Kan., a unit of Dolan Technologies Corp., has based that figure on results from a survey of 210 insurance companies, insurance brokerage firms and other insurance industry employers at about 1,750 locations.

Compdata asked survey participants about pay levels and benefits packages.

About 70% of the participating companies said they pay more than $9,600 per year for coverage for an employer who opts for family coverage.

The annual cost of the typical employee-only plan ranges from $2,400 to $7,200.

Some health insurers have promoted the use of high-deductible health plans, with or without a health savings account or other personal health account, as a strategy for reducing premium costs.

About 67% of the companies Compdata surveyed said they have tried to manage costs by increasing the employee portion of the premium, and 46% said they have increased deductible levels.

About 42% now offer some kind of high-deductible health plan, up from 29% in 2009, Compdata says.

About 83% offered preferred provider organization plans; just 25% offer health maintenance organization plans.

Earlier, Compdata reported that insurance industry employers have increased pay an average of about 2.8% this year. The average increase is about the same as in 2010, the company says.

“There appears to be a level of cautious optimism within the industry in regard to the economy,” Amy Kaminski, the company’s marketing director, says in a statement about the survey results.

Other insurance industry labor coverage from National Underwriter Life & Health:


© 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.