Health Insurance Premiums Rising in 2024, Employers Absorbing Costs Amid Tight Labor Market

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Health insurance cost increases driven by inflation, weight-loss drugs, expensive treatments.

  • Employer-sponsored health insurance premiums are increasing an average of 5.4% to 8.5% for 2024.
  • Unsubsidized premiums for nearly 7 million New Yorkers with Affordable Care Act coverage are increasing an average of 14% to 17%.
  • Inflation, weight-loss drugs, gene and cell therapies, and hospital consolidations are contributing to premium increases.
  • Many employers are absorbing the cost increases to retain employees in a tight labor market.
  • Health Insurance Costs on the Rise

    As Long Islanders enroll in health insurance plans for 2024, many employers are eating all or most of the rising costs in an effort to retain employees amid a tight labor market, business groups, consultants and brokers say.

    Factors Driving Premium Increases

    Prices for employer-sponsored insurance plans are projected to increase due to a range of factors, including inflation, consolidations of hospitals and physician practices, the increasing popularity of expensive weight-loss drugs, and the introduction of gene and cell therapies and other high-cost treatments.

    Impact on Affordable Care Act Coverage

    Nearly a third of New Yorkers have coverage through the Affordable Care Act, and those premiums are increasing. However, most policyholders will not pay for any or most of the increase because of federal income-based subsidies.

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