Who is Getting Rewarded in Today's America?
Just got done reviewing open enrollment info on my latest health insurance premiums at work for 2013. 20% increase expected for the HMO option I have used the last several years. I went back and figured in the 5 years with my employer, I have earned an average of 6% salary increases while my average yearly increase in health insurance costs over this 5 year period is 138.17%. 2008 and 2009 were particularly bad and skews the average up with a 416.67% increase and 225.81% increase respectively, but hey when that paycheck is cut, every dollar still counts! The most current two years of increases (2012) 25.51% and (2013) 20.33% seem tame in comparison. However, it still burns me that my health insurance cost is growing over 3 times the rate of my wages. If that trend continues in 10 years my health insurance will grow from 5.69% of my salary to 17.38% of my salary assuming I can still get 6% increases each year (which is no guarantee). This also assumes I will still have individual coverage which is very unlikely since I am 29 years old and that I don't get laid off which could happen too. I feel bad for married people with children have even less disposible income to provide and are facing the same reality. This is crazy!