Exclusively from Foa & Son
A recent Wall Street Journal article noted that the average cost of employer health coverage for a family plan has passed $17,000. The percentage rate of growth was low, only 4%, but over time that adds up. Of course there are wide variations from the average depending on the part of he country, plan design, size of employer and many other variables.
This is a newsletter about property and casualty risk and insurance so why mention this? Don’t forget, you are also buying workers compensation insurance, and two thirds of the cost of WC claims is medical expenses. All of the same factors that impact medical cost inflation also affect the cost of WC medical benefits.
If you ever wonder why WC premiums seem to defy gravity, this is one big reason.