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Report Finds Family Healthcare Costs Decreased Last Year

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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.

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