The United States now has the dubious distinction of being the only developed nation in the world where the average family with employer-sponsored insurance pays more for health care than it does for groceries.
According to a new report from the 2013 Milliman Medical Index, medical care for a typical family of four with employer-sponsored Health Insurance now costs more than groceries. The report showed that employers are requiring that workers and their families shoulder more of the burden of health care costs as medical expenses continue to rise.
The average family now pays more than $9,000 in out-of-pocket expenses and payroll deductions for their health care, which is more than they typically spend on groceries and gas for an entire year. According to the study, “The out-of-pocket cost alone — $3,600 for co-pays, coinsurance and other cost sharing, is more than the average U.S. household spends on gas in a year.”
Workers across the U.S. have been forced to increase their contributions to their family health plans by nearly 75 percent, even though salaries have stayed at almost the same levels since 2003. Many Americans are trying make up the gap in medical care vs. costs by skipping or trying to stretch out dosages of medication and postponing routine preventative check-ups.
People with chronic conditions or who need expensive treatments or medications are twice as likely to go bankrupt, even if they carry health insurance. Unfortunately, a trip to the emergency room or a catastrophic medical event could result in serious family debt.
It is important to carry the proper amounts and coverage for your needs. We can work with you to make sure your family is covered in the event of medical issues and provide that all-important peace of mind.
For more information, please contact us.