Virginians’ health insurance costs keep climbing
Virginians’ employer-sponsored health insurance premiums soared by more than 20% in recent years, according to a new report from by Onpoint Health Data, a health analytics firm.
Why it matters: While Virginia workers and employers are spending more on insurance premiums, private insurers are spending less on services, the report found.
By the numbers: Between 2019-2023, annual private health insurance premiums in Virginia increased by 20.2% for individuals and 22.1% for families.
- In 2023, the most recent year available, the average cost for single health insurance premiums in Virginia was $8,144 a year, up from $6,776 in 2019.
- For families, the average annual cost in 2023 was $24,251, up from $19,865 in 2019.
Meanwhile: Personal health care spending, what a person pays overall in health care expenses — including things insurance doesn’t cover — increased by just 1.2% between 2019 to 2023.
Zoom out: The cost increases are even more pronounced over a longer period, the report noted.
- Between 2008 and 2023, Virginians’ insurance premiums nearly doubled, shooing up 94% for singles and 103% for families.
- Insurance providers’ spending on health care increased just 61% over the same period.
The bottom line: More than than half of Virginians get their health insurance through employer-based plans, per the report, so these increased affect many of us.