Premiums Rise Five Times Faster Than Wages
The Families USA report found that across the country, health care premiums increased an average of 78.3 percent between 2000 and 2007. The average family income, on the other hand, only increased 14.5 percent in the same period.
As health costs rise, employers around the country are moving to save money by cutting back benefits or scaling down their share of premium costs. Yet most Americans continue to get their health coverage through an employer.
The report shows that the gap between wages and health costs varies widely between states. Some highlights:
- Michigan had the biggest gap. Health insurance premiums rose more than 17 times faster than workers' average earnings between 2000 and 2007.
- Nevada had the narrowest gap. Overall, premiums rose 2.5 times as fast as wages.
- Wyoming workers saw the biggest premium increase in the nation. Premiums rose nearly 130% over the eight years of the study.
Previous entry: Is Your State Protecting You?
Next entry: If you become chronically ill, will you be able to afford the care you need?