Healthcare Costs $25,826 For Typical Family of Four

Milliman recently published their 2016 Milliman Medical Index (MMI) analysis on healthcare cost trends. Here are some key findings from the report:

·         In 2016, healthcare costs for a family of 4 covered by an employer-sponsored PPO plan is $25,826.

·         The cost of care for the typical American family of 4 has tripled since it was $8,414 in 2001.

·         Prescription drug expenses grew at 9.1% from 2015 to 2016, a lower rate than 2014's 13.6% increase.

·         At $11,033, employee total costs increased by 5.3% from 2015, while employer costs increased 4.2%.

·         The 4.7% increase in the MMI this year is the lowest rate increase ever.

·         In 2016, the MMI family's prescription drug costs will reach $4,270.

Source: Milliman, May 24, 2016