According to a new study, without any health care reform there will be a 94% for health care insurance premium by 2020. The research was done by Commonwealth Fund, a non-profit health care charity.

The research title: “Paying the Price: How Health Insurance Premiums Are Eating Up Middle-Class Incomes,” which concluded that the employer sponsored health insurance premium will increase with the current trend. In the next ten years an average family spending $12 298 on their health insurance each year will need to spend $23 841 by 2020.

However, the employers pay most of the health care insurance premiums. The employers will need to cut back in order to pay for their workers health insurance coverage. This leaves the workers to have lower earnings with no raises and reducing their retirement savings.

Keep in mind with the trade offs of lower pay, the workers will also have to contributes more money every month to their employer-based health care insurance.

The research have shown that families and employers could save $2 572 per premium for family coverage by 2020 if the health care reform could slow down the premium increase just by 1 percent in every state. If the health insurance premium can be slow at 1.5% points, there will be a saving of $3 759 per premium base on the current projections.

According to the author of the study, Cathy Shoen, the heath insurance cost is projected to double by 2020 and the low income and middle income families will face the risk of losing their health insurance plan as well as lower wages.

If the health reform reduces the increase of health insurance cost, this will help working families afford good health insurance coverage and help working class families stabilize their finances.

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