By: Elizabeth O’Brien
August 8th, 2013
Now, more employers are offering a product called critical-illness insurance that’s designed to fill some coverage gaps for people with certain costly ailments. But is such insurance the right financial solution for boomers?
Health-care costs have risen faster than inflation, and to cope employers have been requiring workers to foot more of the bill for their care. The total employee share of health-care costs, including premiums and out-of-pocket costs, has climbed to almost 37% from about 34% in 2011, according to a recent survey by benefits consultant Towers Watson and the National Business Group on Health, a membership group that advises large employers on benefits. This means that for every $1,000 in total health care expenses in 2013, employees pay $369 for premiums and out-of-pocket costs. The report projected that the average employee premium contribution for 2013 would be $2,888, up 8.7% from last year.
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