Is there such a thing as a "Fair Premium"?

I work for an employer who has approximately 200 employees.  I'm told the employer 'contributes' to our premiums to keep them down.  however I don't think they're "down" at all.  in fact, I think they're outrageous.

for someone between the age of 55-60, for a 'Family Plan' (actually just my wife and I), I pay approximately $280/wk in premiums!   that's over HALF of my weekly pay.  if I were to miss work a couple days due to illness, I would OWE THE COMPANY to cover the deductions taken out of my check.

does this sound right?