It doesn’t always feel good to know you’re above—way above—average. According to the Bureau of Labor Statistics, who just released the results of their National Compensation Survey, the average annual health insurance premium for singles is $810.84.
I enrolled in my 2005 medical and dental plans last night. For medical I chose the least expensive above catastrophic, the Aetna HMO plan. This plan has a before-tax cost of $1,349.32 and my Dental PPO has a cost of $207.00. (I chose the PPO instead of the HMO because I like my dentist and the price was only higher by a few dollars.)
On the other hand, the only thing that keeps me sane while thinking about these costs is my “flex credit.” My employer gives each employee a credit for health insurance coverage. Full time employees receive an annual credit of $1,200 and part timers receive $900. Everyone receives the credit whether or not they elect coverage, so I just consider it part of my salary. While the price of health insurance has gone up the last few years, the credit has stayed the same.
Updated July 14, 2010 and originally published November 10, 2004. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.