It’s open enrollment season—the annual period in which tens of millions of consumers wallow in the misery of health insurance choices and costs. So, let’s pause to reflect on the status of things—enrollment-wise—with employer coverage, Medicare, and the exchanges.
In particular, do consumers have better tools these days to help them choose insurance plans?
For people with employer-based coverage—about 150 million Americans—things are okay and stable, but not great. The latest report from the Kaiser Family Foundation, released last month and based on a detailed survey of 1,900 employers (small, mid-size and large), indicates that premiums rose on average a modest 3% in 2016—to just over $18,000 for family coverage. Workers paid 29% of that.
A similarly small increase in premiums has prevailed for several years and is expected again for 2017.
Almost all firms with 50 or more employees offer health benefits and the vast majority claim their coverage meets the ACA’s requirements for value and affordability. Overall, 56% of employers offer health benefits because hundreds of thousands of small firms either choose not to offer it or can’t afford it—especially the smallest Mom and Pop shops.