Employers' health insurance premiums up 7%: 10 numbers to know

The average annual premiums for employer-sponsored insurance for families increased by 7% in 2024, according to KFF's annual Employer Health Benefits Survey. 

KFF published its annual survey Oct. 9. The report is compiled from interviews with business owners and human resource and benefits managers at more than 2,000 firms. 

Here are 10 key numbers to know about employer insurance in 2024: 

  1. The average annual premium for employer-sponsored insurance in 2024 was $8,951 for individuals and $25,572 for families. 

  2. Premium costs rose faster than wages in 2024. Workers wages increased by 4.5% from 2023 to 2024, and inflation was 3.2%. Individual coverage was 6% more expensive in 2024 than in 2023, and family coverage was 7% more expensive. 

  3. In the past five years, the average premium for family coverage has increased by 24%, while wages have increased by 28%. 

  4. Though overall premium costs increased, the percentage of premiums employees paid decreased. In 2024, individuals paid 16% of their premiums in 2024. 

  5. In 2024, individuals paid $1,368 for premiums, and families paid $6,296 on average, similar amounts to 2023. 

  6. In 2024, 48% of workers were in PPO plans, and 27% of workers were in high-deductible plans. Another 13% had HMO plans, and 11% had POS plans. 

  7. In 2024, 63% of workers were enrolled in plans self-funded by employers. 

  8. Around 1 in 3 workers are enrolled in a plan with an annual deductible of $2,000 or more in 2024, a similar percentage to 2023. 

  9. Among firms with 200 or more employees, 18% said they cover GLP-1 drugs for weight loss. Among firms with 1,000 or more employees, 25% cover the drugs for weight loss. 

  10. Around 25% of firms with more than 200 employees cover IVF in 2024. 

Read more here. 

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