$961.7 billion. That's how much the federal government says Americans spent on private health insurance in 2013. The figures aren't in yet on the total health insurance expenditure for 2014, but you can expect the number to come close to the $1 trillion mark. Show Image source: Getty Images. Preliminary information is available, however, about how much Americans spent on average for health insurance in 2014. As you might expect, the dollar amount is higher than the prior year. Here's what the average American is shelling out for health insurance. Which kind of average? Sources: Kaiser Family Foundation, eHealth Price Index The 2014 Annual Survey of Employer Health Benefits (link opens a PDF) conducted by The Kaiser Family Foundation and Health Research & Educational Trust found that Americans paid an average of $1,081 annually for single coverage health insurance compared to $4,823 for family coverage. On a monthly basis, this amounts to roughly $90 for single coverage and $402 for family coverage. At first glance, health coverage not obtained through employers appears much more costly. According to eHealth (EHTH -5.26%), individuals currently pay $3,444 annually for single coverage and $8,724 for family coverage -- or $287 and $727 per month, respectively. The online health insurance provider tracks premiums for all Affordable Care Act plans submitted through its site. However, the employer-sponsored premiums don't reflect how much employers pay. When the employer portion of health insurance is included, the numbers tell a different story. Source: Kaiser Family Foundation Also, eHealth's figures don't reflect the federal subsidies that are available for many Americans who purchase individual health insurance. In March 2014, Kaiser Family Foundation estimated that Americans received an average of $2,890 per person in federal subsidies. Who pays the
most -- and least? On the other hand, Americans participating in high-deductible health plans with savings options paid $905 annually for single coverage and $4,385 for family coverage. The single coverage figure is a whopping 16% lower than the average for all types of employer-sponsored health plans. If you live in the South, you likely pay less than other Americans. The average health insurance premium for southern states is 4%-5% lower than the national average. Employer size also makes a difference. Employees of organizations with less than 200 workers paid an average of $902 annually for single coverage compared to $1,160 for those who worked for larger organizations. The tables turned for family coverage, though, with employees of smaller organizations paying an average of $5,508 annually compared to $4,523 for employees of larger organizations. Looking ahead There are a couple of things you can count on. First, health insurance premiums will continue to rise. Second, how much you actually pay for health insurance will continue to depend on lots of variables, especially the type of coverage and how much you're willing to pay out of pocket. Ultimately, there's no such thing as an average American when it comes to health insurance. Keith Speights has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. How much does the average American pay for healthcare per year?Health spending per person in the U.S. was $11,945 in 2020, which was over $4,000 more expensive than any other high-income nation. The average amount spent on health per person in comparable countries ($5,736) is roughly half that of the U.S.
How much does the average American pay for insurance?The average American family pays an estimated $1,779 per month. What about employer coverage? The average American worker paid $5,969 in 2021 for employer-sponsored group health insurance. The total cost of annual premiums (employer and employee) in 2021 for employer-offered coverage rose 4% over 2020 to $22,221.
What percentage of Americans pay for their own health insurance?So, how many people buy their insurance on their own? According to the same 2017 KFF survey only around 7% of people buy individual health insurance.
How much do most employees pay for health insurance?According to HR consultancy Willis Towers Watson's Best Practices in Health Care Survey, as reported by SHRM, the average annual premium cost for an employee in 2021 for employer-sponsored health coverage was $3,331, up from $3,269 in 2020. Another survey from Mercer projected premiums will increase by 4.4% in 2022.
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