Question

In 2009, the average health insurance premium for employees in the United States was $3,500 per...

In 2009, the average health insurance premium for employees in the United States was $3,500 per year. In 2019, the average employee premium had increased to $6,000 per year. If the CPI was 212 in 2009 and 255 in 2019, then the cost of the 2009 average premium in terms of 2019 dollars was ______. Therefore, the real cost of the average health insurance premium ______ from 2009 to 2019.

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Answer #1

Health insurance premium in 2009 = $3500

Health insurnace premium in 2019 = $6000

The CPI in 2009 = 212

The CPI in 2019 = 255

The cost of 2009 average premium in terms of 2019 dollars = Premium in 2009 * (CPI in 2019 / CPI in 2009)

The cost of 2009 average premium in terms of 2019 dollars = $3500 * (255 / 212)

The cost of 2009 average premium in terms of 2019 dollars = $4210

The cost of 2009 average premium in terms of 2019 dollars was $4210. Therefore, the real cost of the average health insurance premium increased from 2009 to 2019.

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