Family healthcare costs to exceed $20,000 in 2012

CNN/Money offers a preview of the upcoming Milliman Medical Index (MMI). While the MMI isn’t out until later this spring, one thing is for sure: In 2012, healthcare costs for the typical American family of four will exceed $20,000. Here’s what CNN/Money had to say:

The cost to cover the typical family of four under an employer plan is expected to top $20,000 on health care this year, up more than 7% from last year, according to early projections by independent actuarial and health care consulting firm Milliman Inc. In 2002, the cost was just $9,235, the firm said.

The projected increase marks the fifth year in a row that health care costs will rise between 7% and 8% annually.

While employers still shoulder a majority of health care expenses, employees have been paying a larger portion of the total amount every year, according to Lorraine Mayne, principal and consulting actuary with Milliman.

You may be wondering where the Supreme Court deliberations fit in all of this.

Even if the Affordable Care Act goes through, it will do little to lessen the financial burden for those who are already insured, Mayne said. “It will take other changes to really bend the cost curve and make substantial changes in health care costs,” she said.

The full CNN/Money article is available here.

UPDATE 3/30: And the Huffington Post got in on this, too. Here’s their coverage:

$20,000: That’s what a typical family covered by job-based health insurance will spend on health care this year, according to research by the consulting firm Milliman.

This year is the first time family health care spending is projected to surpass $20,000, said Jeremy Engdahl-Johnson, a spokesman for Milliman. A typical family spent less than half that on health care just 10 years ago, data from Milliman show. Health care costs have increased by 7 percent to 8 percent each year since 2008, CNN reported today.

Milliman’s report, due to be published in May, is the latest in a seemingly endless series of studies, surveys and reports pointing out that U.S. health care spending is growing out of control, which won’t come as news to people paying for health insurance and medical care. Another recent study projected that health care costs will eat more than half our income by 2037 if the trend isn’t slowed.

Check back in May for the 2012 Milliman Medical Index