This may seem incredible. It’s true anyway. The Henry J. Kaiser Foundation has released the figure. This is what the typical premium costs for families whose health insurance is paid for by their employers.
The main advantage is that this is not taxable income. For workers whose employers provide health insurance coverage, this is a huge tax loophole. Here is a chart on what it costs families. The costs have skyrocketed over the last decade.
The chart appears in an article released by the Kaiser Foundation that does not explain that this total cost is borne by the workers. This same analysis also applies to the “employer’s contribution” of Social Security. The worker pays all of it, but this fact is concealed from workers by the language of the law. Economists understand the subterfuge, but most people don’t.
Costs rose 4% in 2013 for families, and 5% for individuals.
Wages rose about 2%.
My wife’s annual contribution for Christian Health Care Ministries did not rise: $1,000, total. But Christian Health Care Ministries is not regulated by the government. Costs are low.
Health insurance is regulated heavily by state governments and the federal government. Costs are rising relentlessly. ObamaCare will make them rise even more.
When the government comes to help you, beware. “Keep your hand upon your wallet, and your back against the wall.”