Average Family Medical Insurance Cost - Over $20,000 Annually
According to the 2012 Milliman Medical Index, medical insurance premiums now cost the typical American family just over $20,000 a year. In our neck of the woods, Miami is recorded as having the highest cost of care reaching $24,965 a year. Even though this year represents the lowest cost increase in 10 years, these dollar levels has never been seen before.
Among the most expensive contributing factors are; outpatient costs, hospital inpatient care, physician costs and emergency room care. Each year that goes by means larger co-pays, deductibles and overall out-of-pocket costs for families as employers attempt to find some way to mitigate the ever rising cost of care. The evidence is there that the need for health care reform exists and has existed for 30 years, yet the nation still awaits the full impact of the Patient Protection and Affordable Care Act (PPACA). We need to pay attention to how we solve this problem. Please start by visiting the following link to review the PPACA interactive timeline:
Most employees would be surprised to hear these figures because they are insulated from the true costs associated with the health care they receive. Many employers have chosen to communicate the full cost of the health care benefit they provide by illustrating the cost sharing through the disbursement of individual, confidential benefit statements. These benefit statements show the employee exactly how much it costs their employer to provide this type of benefit for them and how much, in essence, the employee's true total compensation amount is.
Justine Lohelein, MBA, SPHR
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