Average cost of health insurance plan. Reference point for your next analytical review of health insurance costs.

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Here are some tidbits for your next analytical review of health insurance costs during an audit or review.

From annual survey by Kaiser Family Foundation of employer provided health insurance:

  • $20,576 – average annual cost of family plan in 2019
  • $19,616 – average annual cost of family plan in 2018
  • 71% – average portion of costs paid by employer

  • $7,188 – average annual cost of individual plan in 2019
  • $6,911 – average annual cost of individual plan in 2018 (calculated based on 4% increase 2019)

Information is from Wall Street Journal on 9/25/19:  Cost of Employer-Provided Health Coverage Passes $20,000 a Year  (https://www.wsj.com/articles/cost-of-employer-provided-health-coverage-passes-20-000-a-year-11569429000) .

Table in the article provides info for amount paid by employer and employee if you hover over the components of the graph. I calculated total and change in each component by year:

employee % chg employer % chg total % chg
2019       6,015 8.4%        14,561 3.5%     20,576 4.9%
2018       5,547 -2.9%        14,069 7.8%     19,616 4.5%
2017       5,714 8.3%        13,049 1.4%     18,763 3.4%
2016       5,277 6.5%        12,865 2.2%     18,142 3.4%
2015       4,955        12,591     17,546

 

(Pro tip: Print this post then add it to your workpapers to document an expectation for cost and rate of change for health insurance, citing survey by Kaiser as source.)

 

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