Utahns hit with higher healthcare costs and premiums
A new report shows Utahns are getting hit by higher healthcare costs, higher premiums, and higher out-of-pocket expenses.
The Utah Foundation says premiums for healthcare plans at work rose by about one-third from 2006 to 2016. Research analyst Sam Brucker says it might have been much larger if not for high-deductible plans.
“Employers are shifting the cost to the employee,” she said.
Brucker says the high-deductible plans are fine until they actually need to be used.
“This could be a high cost burden for Utah families, this additional out-of-pocket expense,” she said.
Key findings of the report include:
About 61% of Utahns purchase health insurance through employers. This is the highest in the nation and significantly higher than the U.S. average of 49%.
Enrollment in high-deductible plans in Utah has increased from 3% to 30% during the past decade.
The average total premium for an employer-sponsored individual plan in Utah increased by an inflation-adjusted 34% from 2006 to 2016, and 30% for a family plan.
Despite significant increases in premiums since 2006 in the employer-sponsored market, the increases are modest compared to the increases in the late 1990s and early 2000s.
The average deductible for individual and family employer-sponsored plans in Utah both nearly doubled from 2006-2016.
On average, premiums for both individuals and families with employer-sponsored health insurance in Utah remain below a broadly accepted affordability benchmark of 10% of median income.
The benchmark silver plan on the federal Marketplace in Salt Lake County increased 62% from 2017 to 2018, in part to compensate for the loss of federal cost-sharing reduction subsidies in the Marketplace.
Half of Utah Medicare beneficiaries are low- to moderate-income, but do not qualify for Medicaid, potentially leaving them with high medical cost-burdens.
In recent years, the key factors increasing insurance premiums nationally include: the rising cost of health care, increased risk in the health insurance pool, the loss of federal subsidies, uncertainty in national health care policy and consolidation in the insurance industry.
Today’s Top Stories
- When it’s this cold, keep your pipes from freezing. Here’s how.
- The road home is in need of donations and volunteers this winter
- South Jordan could see new housing development
- Governor Spencer Cox signs transgender bill, releases statement
- Herd of elk pushed away from I-80 and moved back into mountains
- Why is there an increase of wildlife in SLC neighborhoods?
- Freezing weather causes delayed start for Cache County School District schools
- Monday morning’s cold temperatures nearly set new records
- Weather causing delayed starts for several schools across Utah
- Head on collision reported, State Route 73 closure