Insurance is a Rapidly Growing Expense

Insurance is a rapidly growing expense, which is taking up more and more of the family budget each year. The average US family health insurance premium in 2000 was $6k. In 2022 the average premium is $22k, which is an increase over that time period of 249% or 5.8%/year.

Inflation during that same time averaged 2.5%/year, so the cost of insurance for a family has grown at a rate of more than double that of inflation.

In my business, we used to carry our own insurance plan for employees, but we gave that up a couple years ago and encouraged our team to go to the government exchange for their coverage. In some years, our premiums would go up more than 20% and we simply couldn’t handle those increases.

Now, we provide a stipend as a reimbursement for team members who use the exchange for their health insurance. This seems to do a better job mitigating annual increases.

So, I would love to hear  what you’ve done to slow the growth of insurance costs year to year for your family. Do you or your spouse work for a large employer who have more leverage over their rates, did you opt for the government exchange, or did you simply bite the bullet and absorb the jump in premiums each year?

Reach out with your thoughts at info@signaturewmg.com

Source: @charliebilello on #twitter

This material is for informational or educational purposes only.