This Just In ...
The Milliman Medical Index reports that healthcare costs for the typical American family of four now average $25,826. That compares to an average of $8,414 in 2001. This includes premium costs, deductible amounts, copayments and amounts not covered by their insurance.
And those are just averages. Some families’ costs can run into the millions if they have a serious accident or illness.
While most of the increase can be attributed to higher medical treatment costs, employees are also paying a higher percentage of total costs. In 2001, employees paid 39 percent of costs; employers paid 61 percent. In 2016, employees now pay 43 percent vs. 57 percent for employers.
Voluntary benefits can help employees pay some of these expenses. Accident insurance and accidental death and dismemberment insurance (AD&D) can help pay the costs of a covered accident. Critical illness insurance and cancer insurance will provide cash payments when an insured receives a diagnosis of a covered illness. Please contact us for more information about adding these valuable programs to your employee benefits offerings.
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