U.S. Paying More for Health Insurance, But Receiving Less

New report predicts future plight

American families and workers are paying more money for less health care coverage, according to a new report from the non-profit Commonwealth Fund. Because health insurance premiums for families have increased by 62 percent since 2004 (and are rising faster for middle- and low-income families), the average family of four will be paying $25,000 a year by 2020—and because deductibles of employer-sponsored plans have more than doubled, an average worker will be paying between $15,000 to $16,000—but are receiving less financial protection for when they get sick. The Commonwealth Fund believes the Affordable Care Act (otherwise known as Obamacare) will do a lot to lower costs, but not enough. “Health insurance is expensive and has become less affordable, no matter where one lives. Insurance premiums rose sharply in all states during these eight years and, because wages failed to keep pace, increased as a share of median household income. The net result is that it is more difficult for many insured workers and their families to save for education or retirement -- or simply to meet day-to-day living expenses," the report said. (NBC News)

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