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Monday, September 17, 2007

Employer Health Premiums Up 6.1%

According to the latest statistics, the cost of health insurance to the employer rose 6.1% from 2006 - 2007. The average cost for a family of 4 per year in premium was just over $1000/month to $12,106/year. The employer picks up most of the cost, but the employee ends up paying an average of $3281/year. During that same time, workers' pay increased an average of 3.7% and overall inflation rose 2.6%.

This is the reason that so many of the nation's presidential candidates talk about a new health care system. The rise in the cost for inusurance continues to outpace inflation by a wide margin. Of all the people in America approximately 158 million rely on employer based health insurance programs. The total number of uninsured in America went up another 5% over this time period because the cost of health insurance becomes less affordable.

America has the best health care system in the world. Our medical advances help treating diseases and assisting in quality of life for those who have chronic diseases all over the world. However something must be done to reign in these costs. Socialization is not the answer to this situation. The government has enough issues to deal with without becoming the country's health insurance provider too. The health care industry in the US is a 3 trillion dollar a year industry.

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