Your paycheck raise might look smaller because health insurance costs keep climbing, according to a report highlighted by NewsNation. A Federal Reserve Bank of New York survey found many employers trimmed wage increases to offset rising insurance expenses.
Businesses in the New York–Northern New Jersey region reported health insurance costs jumped more than 13% last year. Without those increases, employers said pay raises would have averaged about 4.7% instead of 3.8%.
Family health coverage now costs nearly $27,000 a year on average, according to the Kaiser Family Foundation. Employers cover about three-quarters of that cost, and some companies say they’re raising prices, cutting coverage or asking workers to pay more.
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