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It's a fringe benefit many workers rely on, health care coverage provided by their employer
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But as open enrollment season nears, many employees could face sticker shock
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Companies are bracing for the biggest jump in health care costs in 15 years, according to The Wall Street Journal
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Several factors are driving premiums higher. More expensive hospital care, greater demand for treatment of cancer, heart disease and joint problems
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and soaring costs for prescription drugs, including popular weight loss medications. The professional services firm Aon estimates premiums will climb by 9.5 percent next year
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to about $17,000 per employee. The company notes that this is the third consecutive year for near
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double-digit increases in health care costs. A family plan already tops $25,000. A second
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business consulting firm WTW told the Journal that companies can expect a 9.2 percent increase
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in health care costs. Such projections would be the steepest rate increases since 2011
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To cope, employers are redesigning plans and shifting more of the burden to workers
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through bigger payroll deductions, higher deductibles, and more out-of-pocket costs. Some may also restrict which doctors or hospitals employees can use
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60% of employers surveyed told WTW they are considering switching insurers or pharmacy benefit managers
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One insurance executive told the journal, This is the worst I've seen. It's happening so fast and so broadly
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