Clients to Bear Greater Cost of Health Care

August 2002
Journal of Financial Planning;Aug2002, Vol. 15 Issue 8, p27
Academic Journal
This article reports on results of the studies by the Council of Insurance Agents Brokers and UCLA Andersen Forecast concerning the increasing health care costs in the U.S. as of August 2002. The studies found that 72 percent of firms with 50 or fewer employees, 77 percent of those with 51 to 500 employees and 60 percent of those with 501 or more employees experienced premium hikes of 10 to 30 percent from March to August 2002. 23 percent of the small firms and 20 percent of the medium firms saw premiums increase of 30 to 50 percent. 80 percent of employers predict double-digit increases in 2003. 50 percent of employers changed plans in order to shift more cost to employees. Employees are helping to pay for the increases through higher premium contributions, and higher deductibles and co-pays. Employers are either dropping traditionally free dental and vision care or having employees pay for it.


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