From Time:

Health insurance costs are expected to spike over 6% for workplace health plans in 2024. In 2023, health care costs rose 7%. Private health insurance prices have been in a period of deflation despite increasing costs for hospitals and health care providers. Insurers predict a 9% increase in medical care costs for 2024.

Although costs for health insurance have decreased, prices are expected to increase by an average of 6.5% this year. On average, the cost of health plans will jump by about $550 for singles and $1,500 for families. Employers typically share the cost of health insurance with their employees, but how much the increase will affect your paycheck depends on your employer’s response.

In 2023, employers generally covered 83% of the cost of annual premiums for singles, leaving 17% to their workers. Employers covered 71% of family plan premiums. Across the board, health care coverage is expected to cost more this year. Prepare for price hikes and prepare your wallet for a hit.



Read more: Health Insurance Premiums Set to Increase Over 6% in 2024