Cost Of Healthcare For Family Of Four Now Tops $23,000 Per Year

May 21 01:00 2014 by ushadmin

Earlier today, the actuarial firm of Milliman, Inc. released their annual Medical Index – a benchmark that they’ve calculated and published since 2002. The Milliman Medical Index (MMI) is designed to approximate the average annual healthcare costs for a family of four with employer provided PPO coverage. This year’s number is $23,215 and represents a four-figure increase from 2013 (which was $22,030). The employer portion is still the largest component – $13,520 – but the employee portion is now almost 42% of the total – $9,695.

The good news is that the annual rate of increase has been declining for years. The bad news is that this represents yet another $1,100 jump in costs for this typical family. Even if we are bending the cost curve, there are few other household expenses that increase at four figures per year. Chris Girod – Principal and Consulting Actuary at Milliman, Inc. and Co-Author of The Milliman Medical Index (here)…