Health Insurance Costs Set To Spike Due To Inflation?

Inflation reached a four-decade high this year, causing petrol, groceries, rent, and other basic expenditures to rise.

The average cost of an employer-provided family health plan is $22,463 this year, up $242 from last year.

Employers pay the majority of the health-care costs for over 159 million Americans who receive coverage through their jobs.

In 2023, when inflation enters the health industry, hospitals, doctors, and pharma companies may seek more pay from health insurance and employers.

Drew Altman, CEO of the Kaiser Family Foundation, said current prices could be "quiet before the storm"

This year's health insurance costs were established a year ago before inflation took off, says Gary Claxton, Kaiser senior vice president and director of the health care marketplace initiative.

According to Claxton, the health-care business is also struggling with the repercussions of the coronavirus epidemic.

When COVID-19 was introduced in 2020, people postponed doctor and hospital visits, causing insurers to spend less money for routine care and non-emergency operations.

The Kaiser survey cautioned employers and individuals could see higher-than-average health insurance premium hikes next year due to 8% inflation this year.

According to benefits expert Segal, health insurance prices will rise 7.4% next year as businesses and consumers absorb payments from doctors, hospitals, etc