Health care costs more than a year of groceries

A new report published in Forbes magazine from Milliman Inc. has found that the most significant expense for a family of four is health care spending, even when the family has coverage through an employer.  At a cost of more than $22,000 per year, medical spending is now more expensive than a year’s worth of groceries or gas.

The 2013 Milliman Medical Index analyzes the total costs of health care for a family of four living in the U.S.  It found that yearly costs rose 6.2 percent from 2012, and have increased roughly $1,300 per year for each of the last four years.

So how did costs get so high?  Even if a family has insurance coverage, employers have been shifting large chunks of the cost onto their employees, combining with deductibles, co-insurance, co-pays and other out-of-pocket spending.  In fact, in four of the last five years, families have experienced a greater percentage rise in health care costs than employers.

Moving forward, the Affordable Care Act is designed to try to change this trend through the establishment of new health care systems, including Accountable Care Organizations, which are meant to improve efficiency.

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Sourced from: Medical News Today, Health Care Costs More Than Year Of Groceries For American Families