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Costs for employer-paid health insurance are rising rapidly: between 2001 and 2007, premiums for family coverage have increased 78%, while wages have risen 19% and inflation has risen 17%, according to a 2007 study by the Kaiser Family Foundation. [74] Employer costs have risen noticeably per hour worked, and vary significantly.
For large firms with 200 or more workers, in 2000, 99% of employers offered health benefits; in 2007, that number stayed the same. On average, considering firms of all numbers of employees, in 2000, 69% offered health insurance, and that number has fallen nearly every year since, to 2007, when 60% of employers offered health insurance. [53]
The anniversary came just after the Consumer Price Index released a report that showed the U.S. annual rate of inflation at its lowest point since 2021.
A Health Reimbursement Arrangement, also known as a Health Reimbursement Account (HRA), [1] is a type of US employer-funded health benefit plan that reimburses employees for out-of-pocket medical expenses and, in limited cases, to pay for health insurance plan premiums.
A college student in 1980 could attend a four-year college for about $10,000 per year, according to the National Center for Education Statistics. By 2019-20, the total price increased to over $33,000.
Young adults can stay on the family health policy until age 26. But if they go away to college and are outside the insurer's network of doctors, families need to reconsider their insurance options.
The District of Columbia's Continuation of Health Coverage Act of 2001 applies to employers with a group health insurance plan with a situs in the District of Columbia and with fewer than twenty employees. Coverage must be offered to be extended for a period of three months following the date that coverage would have ended. [30]
If inflation is 4%, college inflation is 8% — and 8% inflation means that the cost of college doubles every nine years. Today, however, the inflation rate is not 4%.
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