California employer health premiums expected to reach the cost of a new car by 2027

California faces its largest increase in health insurance premiums in 16 years, with the average family coverage surpassing $30,000 in 2027. Rising costs driven by hospital system expansion, expensive prescription drugs, and new taxes to fund Medi-Cal are contributing to the surge, resulting in higher premiums, reduced wages, and increased financial pressures on businesses and workers. Small businesses are adjusting by cutting hours, raising prices, and shifting costs to employees, while some are hiring abroad to manage expenses.

Size: 120%Text Size

Notice: This Is an AI-Generated Summary

Display The Full Article