Health Insurance Premiums Jumped in 2023

April 17, 2024
A doctor is using a laptop computer with a shield on the screen.

In 2023, the average total annual premium for employer-sponsored health insurance coverage was $8,435 for single coverage and $23,968 for family coverage, with average worker contributions of $1,401 and $6,575, respectively.


Total premiums for both types of coverage increased a little more than 6.5% over 2022, the highest annual increase since 2011. The increase in worker contributions was 5.6% for single coverage and 7.7% for family coverage, the highest since 2017 and 2019, respectively.


On average, the pace of premium increases has slowed over the last 10 years. The big jumps in 2023 may reflect the cumulative effect of high general inflation in 2021 and 2022, because premiums are typically set before the beginning of the year.

A graph showing the premium increase for employer sponsored family coverage

All Securities Through Money Concepts Capital Corp., Member FINRA / SIPC

11440 North Jog Road, Palm Beach Gardens, FL 33418 Phone: 561.472.2000

Copyright 2010 Money Concepts International Inc.

Investments are not FDIC or NCUA Insured

May Lose Value - No Bank or Credit Union Guarantee

This communication is strictly intended for individuals residing in the state(s) of MI. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2020.

Two people smiling together in a bright kitchen, looking at something on a counter
By TFC Team July 24, 2026
Learn how to help protect your child's identity from theft with credit freezes, secure records, online safety tips, and warning signs to watch.
Family standing on a beach, looking out at the water near grassy dunes.
By TFC Team July 24, 2026
Test your estate planning knowledge with this quiz covering wills, trusts, probate, powers of attorney, executors, and beneficiary designations.
People gathered outside a large blue civic building, relaxing and talking in a green park.
By TFC Team July 24, 2026
Higher education in 2026 brings rising college costs, new 529 rules, student loan caps, repayment plans, and more options for job training.
Woman in a kitchen holding a bundle of cash near a sink and flowers
By TFC Team July 24, 2026
Learn how the Federal Reserve uses the PCE price index, core PCE, and its 2% inflation target to guide interest rate decisions.
Show More