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Article: Health insurance costs soar.(Moneywise)(insurance premiums expected to increase)(Brief Article)
- Article from:
- Top Producer
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Farm Journal Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It is enough to make you sick. In 2002, health insurance premiums will climb by 12.7%--the highest annual increase since 1990, according to the Kaiser Family Foundation for Health Research.
Unfortunately, this year's whopper increase comes after six years of hikes. What's worse is that those increases have now exceeded the overall rate of inflation by 11%, the foundation says.
Even HMOs, typically the lowest-cost healthcare providers, generated sticker shock. HMO premiums rose by 13.3%. Small firms, with just 3 to 199 workers, reported increases of 13.2%.
Average monthly premiums for most Americans are now about $260 for single coverage and ...