May 2024 – Health Insurance Premiums Jumped in 2023

By Matthew Wisehaupt on May 16, 2024

In 2023, the average total annual premium for employer-sponsored health insurance coverage was $8,435 for single coverage and $23,968 for family coverage, with average worker contributions of $1,401 and $6,575, respectively. Total premiums for both types of coverage increased a little more than 6.5% over 2022, the highest annual increase since 2011. The increase in worker contributions was 5.6% for single coverage and 7.7% for family coverage, the highest since 2017 and 2019, respectively.

On average, the pace of premium increases has slowed over the last 10 years. The big jumps in 2023 may reflect the cumulative effect of high general inflation in 2021 and 2022, because premiums are typically set before the beginning of the year.

Sources: Kaiser Family Foundation, 2023; U.S. Bureau of Labor Statistics, 2024

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Wisehaupt, Bray Asset Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Wisehaupt, Bray Asset Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Wisehaupt, Bray Asset Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Wisehaupt, Bray Asset Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Wisehaupt, Bray Asset Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.

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