Less Employers offer Health Insurance to their Employees in Santa Monica and California

For many years employer-based coverage is the leading source of health insurance in Santa Monica and California. But in the last 2 years the proportion of California employers offering health insurance coverage dropped significantly from 73 % to 63%.

In the last 10 years health care cost have exploded and caused health insurance premiums to rise significantly. Employers have shifted to health plans with higher co-payments and higher deductibles, and increased premium shares. Accordingly to the California Employer Health Benefits Survey “this year workers at a quarter of California businesses saw their health benefits diminish while their copayments, deductibles, and premium shares increased. And more than a third of employers are considering shifting more premium costs to workers next year.

Key findings include:

  • Since 2002, family premiums rose 153%, more than five times the 29% increase in California’s inflation rate.
  • The proportion of California employers offering coverage declined from 73% to 63% in the last two years.
  • Annual premiums were higher in California than nationally for individual coverage ($5,970 versus $5,429) and family coverage ($15,724 versus $15,073).
  • However, the employer contribution in California is significantly higher than the national average. Employers in California contributed $5,213 annually for single coverage and $11,921 for family coverage.
  • Workers at small firms were much more likely to cover at least half of the premium for family coverage than workers at large firms.
  • Workers at small firms with a deductible of $1,000 or more increased to 27% from just 7% in 2006.”

With such a negative outlook it is even more critical to analyze your health insurance cost for your company and family in Santa Monica. Take advantage of our free health insurance proposal in which we compare the premiums of all the leading health insurance carrier for you and help you to find the most affordable  health plan which fits the budget of your company in Santa Monica.