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What Should You Be Spending on Health Insurance?
Latest Benchmarks for Health Insurance Costs When looking at a choice of many different health insurance plans that vary in coverage provisions and monthly cost, only you can decide what is an affordable combination for your budget. No family is "average" but it is sometimes helpful to know what others are spending "on average" for health insurance when making a decision to purchase new or replacement coverage. Here is a summary of the key results from the largest survey* yet of U.S. health plans (0ver 12,000) and employers (8,700) who sponsor them: 2005 Benchmark Averages Across the U.S. - Average Premiums Increased 9.6% (all plans).
- Average Premium for Single Coverage Increased to $327 per month.
- Average % Paid by Employee for Single Coverage is 16%.
- Average Premium for Full Family Coverage Increased to $927 per month.
- Average % Paid by Employee for Family Coverage is 41%.
These are broad national average figures. It is important to keep in mind that premiums varying significantly by region of the country, by insurance carrier and by the "richness" of plan benefits. If individually covered, the insured's age and health status also affects costs. * UBA/Ingenix Health Plan Survey 2005.
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