As open enrollment begins, expect higher premiums in 2024

Workers around the country should be ready to pay more money for their work-based health insurance coverage. Employees could see higher premiums and out-of-pocket expenses in 2024. Workers will see the exact amount during open enrollment.

According to KFF, formerly the Kaiser Family Foundation, in 2023, employees paid an average of $6,575 for their share of the nearly $24,000 average total premium for an employer-based family policy. 

The cost of a single plan coverage stood at just over $1,400 of $8,435 annually.

That’s almost $500 more than 2022 — an 8% increase. 

Inflation in the health care industry is often delayed. Experts say this is because contracts between medical providers and insurers tend to be locked in for years.

Also, more than 16 million Americans who buy individual insurance on medical exchanges, known as Obamacare, start enrollment Wednesday and have until January to sign up.

Their premiums may go up by an average of 6% in 2024, according to KFF.

In the U.S. almost 153 million Americans have job-based health insurance, the largest source of coverage by far. Now is the time to sign up for open enrollment for health coverage in 2024.