Healthcare costs for a family of four decreased year over year from 2019 to 2020, a first in the 16-year history of the annual Milliman Medical Index report, writes Healthcare Dive. The COVID-19 pandemic was responsible for the decline, as people deferred care. Milliman, an actuarial firm, relies on claims data from 2019 and a part of 2020 to project trends for 2021.
The annual cost of healthcare for a family of four was $26,078 in 2020, 4.2% lower than the year prior based on Milliman’s projections. All categories Milliman examined — except for one, pharmacy costs — were lower year over year. However, the trend is not expected to continue into 2021. Healthcare costs are expected to jump nearly 9% to $28,256 in 2021 for a family of four. The Milliman Medical Index measures the projected total cost of healthcare for a traditional family with an employer-sponsored PPO plan.
- Milliman Research Report: 2021 Milliman Medical Index, May 2021
- HealthcareDive: https://www.healthcaredive.com/news/family-healthcare-costs-decreased-last-year-for-first-time-in-milliman-repo/601000/