Health Benefits In 2024: Higher Premiums Persist, Employer Strategies For GLP-1 Coverage And Family-Building Benefits

Oct 9, 2024Health affairs (Project Hope)

Health Benefits in 2024: Continued High Premiums, Employer Plans for Weight-Loss Drug and Family-Building Coverage

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Abstract

In 2024, the average annual premium for employer-sponsored family health coverage was $25,572, a 7 percent increase from the previous year.

Over five years, the average family premium increased by 24 percent, aligning closely with inflation at 23 percent and wage growth at 28 percent.
Covered workers contributed an average of 16 percent ($1,368) for single coverage and 25 percent ($6,296) for family coverage.
The average annual deductible for single coverage was $1,787, representing a 47 percent increase compared to a decade ago.
Among large firms, 18 percent offered coverage for GLP-1 antagonists used for weight loss, with 28 percent of firms having 5,000 or more employees providing this coverage.
Large employers tended to view their overall provider networks as broader compared to those specifically for mental health and substance use conditions.

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In 2024, the average annual premium for employer-sponsored family health coverage was $25,572, an increase of $1,604 (7 percent) from 2023. Over the course of the past five years, the average family premium has increased 24 percent, which is similar to growth seen in inflation (23 percent) and wages (28 percent). On average, covered workers contributed 16 percent ($1,368) of the cost of single coverage and 25 percent ($6,296) of the cost of family coverage. The average general annual deductible for single coverage for workers with a deductible was $1,787, similar to that in recent years but 47 percent higher than a decade ago. In 2024, 18 percent of large firms offering health benefits, including 28 percent of those with 5,000 or more employees, covered GLP-1 antagonists for weight loss. Large employers were more likely to perceive their overall provider networks as broader than their networks for mental health and substance use conditions.

Health Benefits In 2024: Higher Premiums Persist, Employer Strategies For GLP-1 Coverage And Family-Building Benefits

Abstract

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