b'Associate Member News Wordwww.wmimutual.comThe More Things Change,the More They STAY the Same continued2005 Article: Thebulk of the cost by paying $7,034 (83.4%) while majority of coveredemployees paid $1,401 (16.6%) per year.workers (56%) are2005 Article: Thein a health plan thataverage annual premi-requires that a deduct- um for family coverage ible be met beforehit $10,880 in 2005, most plan benefits arewith employers paying provided. In PPOs,an average of 75% of the average deductiblethat cost and workers for in-network services is $323 for single coveragepaying the rest. Work-and $679 for family coverage. Generally, averageers paid on average deductibles for individuals covered through an em- $2,713 toward family ployer with fewer than 200 employees are substan- coverage which is $1,094 more than they paid five tially higher than average deductibles in companiesyears ago. Since 2000, premiums for family cover-with 200 or more employees. age have increased by 73% compared with inflation 2024 Thoughts: growth of 14% and wage growth of 15%.In 2023, the number 2024 Thoughts:of covered workers withIn 2023, the average an annual deductibleannual premium for increased to 90% andfamily coverage hit the average deductible$23,968. Employers for single coverage (allpicked up $17,393 firms) was $1,735 and(72.6%) of the cost and $4,909 for family cover- employees picked up age! Those are very significant$6,575 (27.4%).increases and one of the hidden subsidization costs of Obamacare as insurers and employers have scrambled to find ways to continue offering afford- I continue to ask myself how much longer these able health care benefits and have pushed moretrends can continue and whether our health care costs onto employees and their families. financing system will eventually collapse under the 2005 Article: sheer weight of unchecked and runaway health care The average annualcosts due to cutting-edge medical technology and premium for a singlenew prescription drugs that can literally cost mil-employee is $4,024lions of dollars per dose! I cant envision a scenario with employers pick- in 20 years where were still talking about sky-ing up 85% of the costrocketing health insurance premiums amid a world and employees pickingof ever-increasing medical costs; but truth be told, up approximately $61020 years ago I didnt think wed be talking aboutIf you have questionsper year. annual health insurance premiums approachingabout Medicare and 2024 Thoughts: In 2023,$10,000 for an individual and $25,000 for a familyMedigap policies the average annual while the average deductibles were almost $2,000or would like a free premium for singleand $5,000 respectively. It seems to me our healthcopy of the federal coverage had increasedcare financing system is entirely unsustainable,governments Medicare to $8,435, more thanbut as Ive come to accept in the health insurancehandbook, please double what it wasindustrythe more things change, the more theyvisit our website at in 2005. Employersstay the same. wmimedigap.com or continue to shoulder thecontact our office at (801) 263-8000 .S52 www.wpma.com / Fall 2024'