The most recent statistics for the annual cost of healthcare for a family of 4 have not been good. Milliman Medical Index now puts the figure at $24,671. There has been a steady incline in healthcare costs for the last 10 years, and this amount is expected to grow past $25,000 in 2016. Still, efforts are being made to curb this trend. While many feel the problem is growing at a much faster rate than any solution, there has been some positive news.
While overall costs have risen, last year’s 5.4% growth rate in the average cost of health insurance for a family of 4 is the lowest increase we’ve seen in 10 years. In years past, the growth rate has been closer to 10%. The passing of the Affordable Care Act (ACA) has helped slow down premium growth.
Probably the biggest benefit would be premium tax credits called subsidies. If you qualify, these credits can lower the monthly insurance payment you need to make. In some cases, the insurance can be free. There are also savings available called cost-sharing reductions, which lower out-of-pocket costs. And these subsidies still allow for the self-employed to deduct health insurance premiums from their tax return. Combining these types of savings can certainly help with the average cost of health insurance for a family of 4.
Another positive Americans are seeing is the mandatory inclusion of services in their health plans. The ACA now requires qualified health coverage to include the 10 essential benefits, which range from prescription drugs, to pediatric services, to mental health and addiction services.
HealthMarkets recognizes the growing trend in rising healthcare costs and is here to help you find the best level of coverage for the most reasonable price. Our service is 100% free and backed by our Best Price Guarantee. Though the high cost of health insurance for a family of 4 may feel discouraging, don’t let that prevent you from talking to an agent that knows how to help you find great coverage at an affordable price. HealthMarkets is here with with 24/7 assistance and a user-friendly online shopping experience, or you can call us today at (855) 839-8126.