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|
(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.)