Biden: Health premium hikes unsustainable

WASHINGTON, Sept. 22 (UPI) -- A White House report indicates health insurance premiums rose between 90 percent and 150 percent during the past decade, U.S. Vice President Joe Biden said.

"The status quo of rising premiums is simply unsustainable for families, for businesses, for state budgets and for our national economy," Biden said Tuesday during a speech to state insurance commissioners in Washington.

The national average annual family premium for employer-sponsored health insurance rose to $13,375 in 2009, a 5.5 percent increase during the past 12 months while the nation was in a recession, Biden said. Single-coverage premiums rose 3 percent to an average of $4,824.

The report also indicated premiums have outpaced wages and inflation during the last decade by a wide margin. During this period, wages rose by 38 percent and inflation by 28 percent.

"As a result, health insurance premiums are consuming ever-increasing portions of family budgets," the report, "The Burden of Health Insurance Premium Increases on American Families," said.

"(These) numbers are just one more piece of evidence that the need for nationwide reform is urgent," Biden said.