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Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and many other outlets.
Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money.
As open enrollment season officially comes to an end, folks with private health insurance — especially through their job — could be in for some sticker shock.
Costs for workplace health plans in 2024 are expected to spike over 6%, according to recent surveys from consulting firms Mercer and Willis Towers Watson (abbreviated WTW). A jump of that size amounts to one of the biggest increases in a decade and follows a major increase in health care costs in 2023.
Mercer’s survey found that health plan costs could jump by 6.6% this year, assuming employers make no cost-cutting changes to their current plans. And even if they do take steps to cut costs, the increase is expected to be 5.4% on average. Similarly, in survey results shared with Money in September, WTW found that health insurance costs are expected to rise between 6% and 6.4%.