• Healthcare costs in U.S. expected to increase 8% in 2025
• Employers looking at ways to limit their share of increases
• ACA premiums could go up 10% in 2025
Healthcare costs and insurance premiums are set to increase significantly in 2025, continuing a trend that has burdened businesses and individuals for several years.
The expected 8% increase would be the largest since 2012 and match the increase in 2023, according to a study by PricewaterhouseCoopers.
Insurance companies are expected to increase premiums 7% to offset much of this cost, according to a study from Willis Towers Watson.
More than half of employers said they plan to implement changes to lessen the impact of these higher costs, with about 34% planning to pass some of the burden onto their workers. A third plan to explore narrower provider networks and another 20% will encourage use of such options as high-deductible health plans.
In the past five years, the average premium for family coverage in an employer insurance plan has increased by 24%, according to a KFF review.
Even participants in the government’s healthcare marketplace are not immune from these price hikes as their premiums are expected to be 6%-10% higher when they select a plan for 2025.
This ongoing trend has left many seeking alternatives to health insurance. Healthsharing ministries, such as Liberty HealthShare, have emerged as a viable and affordable option, providing a faith-based approach to healthcare that is often less expensive than insurance plans. Unlike health insurance, healthsharing allows members to share medical expenses among themselves, significantly reducing individual costs.
“The rising costs of healthcare and insurance premiums are a growing concern for families and businesses alike,” said Dorsey Morrow, chief executive officer of Liberty HealthShare.
“At Liberty HealthShare, we offer a more affordable way for Christians to manage their healthcare needs,” he said. “Our members find peace of mind knowing they are part of a community that supports one another in times of medical need.”
Morrow added, “Everyone deserves access to affordable healthcare options that align with their values.”