North Carolinians, Virginians Struggling to Keep Up With Skyrocketing Insurance Premiums
Providing some evidence that competition between private insurers doesn’t exactly keep coverage costs in check, Families USA, an advocate for health care
Jul 31, 2020168.7K Shares5.2M Views
Providing some evidence that competition between private insurers doesn’t exactly keep coverage costs in check, Families USA, an advocate for health care consumers, issued a report todayrevealing that premiums in North Carolina jumped 5.3 times faster than state earnings since 2000. The details:
- For family health coverage provided through the workplace in North Carolina, the average annual health insurance premium (employer and worker share of premiums combined) in the 2000-2009 period rose from $6,649 to $13,083—an increase of $6,434, or 96.8 percent.
- Between 2000 and 2009, the median earnings of North Carolina’s workers rose from $23,080 to $27,330—an increase of $4,250, or 18.4 percent.
The trend in North Carolina is hardly an anomaly. In Virginia, insurance premiums have jumped 3.4 times faster than income over the same span, Families USA reveals in a similar reportalso released Tuesday. The findings:
- For family health coverage provided through the workplace in Virginia, the average annual health insurance premium (employer and worker share of premiums combined) in the 2000-2009 period rose from $6,684 to $12,687—an increase of $6,003, or 89.8 percent.
- Between 2000 and 2009, the median earnings of Virginia’s workers rose from $26,459 to $33,527—an increase of $7,068, or 26.7 percent.
The report is likely to fuel the calls for the creation of a non-profit, government-backed health insurance plan to compete with the private companies responsible for the trends Families USA is reporting — companies that have legal responsibilities to shareholders, but no responsibilities to ensure that patients get the care they need. If recent insurer profit reportsare any indication, there’s plenty of room for such a non-profit to offer much lower premiums.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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