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The lower a family's income is, the less likely that they can purchase health insurance, according to 2008 US Census figures. About 14.5% of households with $50,000 to $75,000 in income did not have health insurance. While 24.5% of households with $25,000 or less income went without health insurance. [8]
The tradeoff is high monthly premiums, which can cost more than $1,000 per month for an individual. Silver and gold plans are in the middle. So, What’s the Cost of Being Covered?
The rate of increase in both health insurance premiums and out-of-pocket costs have declined in the employer-based market. For example, premiums increased at an annual rate of 5.6% from 2000-2010, but 3.1% from 2010-2016. An estimated 155 million persons under the age 65 were covered under health insurance plans provided by their employers in 2016.
So while health insurance costs have risen, consumers can still get sharply discounted insurance. Biden administration officials said 80% of consumers can get a health plan for $10 or less per month.
Total health spending is projected to climb from $14,423 per person in 2023 to $21,927 per person in 2032, according to a report from the nonprofit Peter G. Peterson Foundation.
Costs for employer-paid health insurance are rising rapidly: since 2001, premiums for family coverage have increased 78%, while wages have risen 19% and inflation has risen 17%, according to a 2007 study by the Kaiser Family Foundation. [18]