While the cost of job-based health insurance is moderating from earlier punishing increases, premiums are now a burden for many workers, health experts say. They recommend that employees review their options during this year's open-enrollment period to make sure they're not overlooking some cost savings.
Open enrollment, a window of time when employees select health coverage and other benefits for the coming year, is underway — or will be soon — at many workplaces.
Workers may assume that plan choices are the same as last year and pay scant attention. But that is not always the case. So employees should make time to review plans, said Tracy Watts, a senior partner and national leader for health policy at benefits firm Mercer.
"They need to do their homework," Watts said.
A survey from the Kaiser Family Foundation found that the average annual family premium increased 5% in 2019 and is now nearly $21,000, with workers paying $6,015 and employers the rest. The survey included more than 2,000 employers.
And the National Business Group on Health, which surveys large employers, expects the total cost of health benefits to rise 5% next year.
Adding to the cost are higher deductibles — what workers must pay for their medical care before their insurance covers it. The average single deductible is now $1,655, double what it was a decade ago, Kaiser found.
One bright spot, according to a survey by the National Business Group on Health: More large employers say they are expanding their health plan offerings beyond high-deductible plans. Just a quarter of employers surveyed said they would offer only high-deductible plans next year, down from 39% in 2018, partly because of worker demand.