Medical premiums have been impacted by rising consumer prices and inflation.
Individuals: On average, individuals experienced a 4.15% increase in medical premiums in 2022. This translates to an additional cost of $23 per month or $276 annually.
Families: On average, families saw a higher increase of 5.52% in their medical premiums. This resulted in an average monthly increase of $80 or $960 annually.
Overall Averages: Across all company sizes (1-250 employees), the average individual medical premium in 2022 was $598 per month. For families, the average medical premium was $1,525 per month. Notably, the family cohort experienced the highest average increase of nearly 16% since 2020.
These statistics highlight the significant impact of rising medical premiums on both individuals and families. As consumer prices and inflation continue to affect the cost of goods and services, it’s expected that medical premiums will also increase. Employers should consider these trends when evaluating and adjusting their employee benefit packages to ensure they remain competitive and provide adequate coverage for their workforce.
