Fortune March 19, 2024
A recent poll shows healthcare costs are voters’ top financial concern. Employer and union health plans like the one I oversee at the New Jersey State Policemen’s Benevolent Association are on the front lines of this healthcare cost crisis. Collectively, these plans provide coverage for 160 million Americans.
Over the last two years, our health plan costs increased by 31% to an average of $43,000 per policyholder. Today, our 30,000 active-duty police officers must pay upwards of $15,000 annually for coverage. Taxpayers pay the rest. Next year, hospital surgery costs are expected to drive our plan costs up another 15%, bringing annual premiums to nearly $50,000.
Other employers and unions nationwide are facing similar cost overruns. With the proliferation of...
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