The average cost of employer-based health insurance premiums for family coverage reached nearly $24,000 in 2023, rising 7% since last year, outpacing inflation, according to the latest survey of employer-sponsored healthcare from KFF, a nonpartisan healthcare think tank.

Premiums for single coverage also rose to nearly $8,500, increasing 2%.

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"Rising employer healthcare premiums have resumed their nasty ways, a reminder that while the nation has made great progress expanding coverage, people continue to struggle with medical bills, and overall, the nation has no strategy on health costs,” KFF President and CEO Drew Altman said in a press release.

This marked rise in insurance costs for families has outpaced both increases in wages and inflation, with KFF estimating that wages have risen by 5.2% while inflation has totaled 5.8%.

"It's just an incredible amount of money to spend on health insurance every year," said KFF health insurance expert Matthew Rae, who co-authored on the report.

Employers are attempting to limit how much of the cost they pass on to employees in order to attract and retain talent, but doing so remains a challenge as prices rise.

"On average, covered workers contribute 17% of the premium for single coverage and 29% of the premium for family coverage, similar to the percentages contributed in 2022," the report found.

Firm size matters, however.

Employees for small firms contribute on average 38%, or over $8,300, for a family plan compared to those at larger firms, which cover 25%, or slightly under $6,000.

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Nearly 60% of employers say their workers are concerned about the affordability of their plan's cost-sharing requirements.

Almost 153 million people depend on employer-sponsored healthcare coverage.