Rising Health Care Costs Burdening Families in New Jersey as well as Nationwide

Findings from a recent study conducted by Rand Corp show that rising health care costs are hitting families much harder than many people realize. According to the research firm, although monthly household income was up $1,910 from 1999 in 2009, the average American family was left with just $95 more per month to spend by the end of the same ten year period. With costs of living on the rise, the discrepancy between household income and net dollars available for spending continues to alarm researchers. “These sobering facts provide further evidence that lowering health care costs is one of the most important challenges of our time,” concluded Rand Corp researchers upon the study’s release.

Despite these alarming findings, health care costs for families and business owners continue to rise in New Jersey, Pennsylvania, and across the country. Another study, conducted by consulting firm Aon Hewitt on families in Houston Texas, found that the average employee in Houston will pay $2,516 for health-insurance premiums next year, up from $2,277 in 2011. The firm also expects that families will see a spike in co-payments and deductible expenses as businesses are forced to share more of the costs of health benefits with employees.

Now more than ever, both large and small business owners need to choose wisely when it comes to health benefits for employees. Finding the most cost-effective quality plan options is important. Consulting a New Jersey benefits consultant can help keep business expenses at a minimum and improve employee retention and quality of life.

Report by Melissa Cenker
Any opinions expressed within this and all posts are the opinions of the third parties quoted and do not necessarily represent the opinions of Princeton HR Solutions, Melissa Cenker, or Melissa Cenker Consulting