Health Care Costs For Family Of 4 To Reach $20,000 This Year

Health care costs for a family of 4 are expected to reach $20,000 by the end of 2012, a 7% increase when compared to the same period in 2011.

Despite fear mongering over ObamaCare health care cost increases of 7% is actually a rather small number when considering that costs have increased every year for the last 9 years. In 2002 the average cost for a family four in comparison was just $9,235, less than half of today’s overall cost.

While employers cover much of a families health care costs the amount they are offering to pay out-of-pocket has continued to decrease. For example last year the average family of four paid $3,280 out-of-pocket, an increase of 9.2% year-over-year. Along with those higher payments families are witnessing higher premiums, higher deductibles and higher co-pays.

In the meantime this year will be the fifth year in a row in which prices will rise by 7% to 8%, a time period in which income is remaining stagnant and in some cases even falling.

Families looking to take advantage of non-employer based insurance are paying even more with costs averaging $7,102 as of 2010. That self-insured cost covers only premiums and not deductibles, co-pays and other costs families are forced to pay for self-insured coverage.

Regardless of the health care coverage a family chooses to buy into, the simple fact is that they are being forced to pay more out of pocket while employers are also being asked to add extra expenses to their bankroll which in turn has a detrimental affect on employment throughout the United States.