Thursday, May 22, 2014

The cost of health insurance...

...has gone up by 28 percent since the Affordable Care Act was passed in 2010, according to a piece in the Washington Post yesterday.

Now, before you say, "Thanks a lot, Obama!" take a look at this chart from the Economic Policy Institute:

In the ten years prior to passage of the ACA, family health insurance premiums rose 131 percent, far outpacing the growth in workers’ earnings and overall inflation. (Pssst! This is one of the main reasons we needed health care reform.)

The good news: Costs grew by just 5.4 percent between 2013 and 2014, the slowest rate since 2002.

Hang in there, everybody.

1 comment:

Ed Crotty said...

The Milliman numbers are for family coverage under preferred provider plans, so it excludes the increasing prevalence of consumer-driven health plans, in which employees handle a higher share of the costs.

I work for a large Insurance company in Chicago and the *only* available coverage starting 2014 is the Consumer Driven plan with Medical Savings Account. This company is not known for it's "innovation" so I would imagine the CDHPs are pretty well established.