Health insurance premiums for employer-sponsored coverage increased by 50 percent from 2003 to 2010 and will “rise 72 percent by 2020, to nearly $24,000″ if Congress repeals the Affordable Care Act, a new report from the Commonwealth Fund concludes. Over the last seven years, premiums outpaced income growth in every state, as employees contributed an ever growing share towards coverage that became less protective over time with higher per-person deductibles and out of pocket expenses:
But several provisions in the Affordable Care Act — including new restrictions on insurer administrative costs, state and federal review of premium increases, payment incentives, and delivery reform changes — could reverse this tend and reduce national costs by “an average of 1 to 1.5 percentage points per year over the next decade,” Commonwealth projects, saving families between $2,161 and $3,173 annually by 2020:
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