The rising costs of healthcare have played a major role in the stagnation of American wages, according to a recent analysis from Axios.
More of a worker’s paycheck is being used for health insurance, plunging some into debt when it comes to other expenses like housing, college and consumer goods. In fact, the average health insurance coverage for a family of four has risen from 14% of household income in 1999, to 31% of take-home pay in 2017.
The doubling of healthcare coverage in incomes has come largely from employer-sponsored plans that have premiums and high deductibles as well as out-of-pocket costs, Axios reported. The change has contributed to wage stagnation over the last 20 years.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."