Navigation Links
Milliman Says 2008 Medical Cost for 'American Family of Four' Exceeds $15,600
Date:5/14/2008

Employees' Share of Spending & Cost of Prescription Drugs Record

Double-Digit Increases

SEATTLE, May 14 /PRNewswire/ -- Milliman, Inc., one of the premier global consulting and actuarial firms, announced today that average total medical spending for its "typical American family of four" reached $15,609 in 2008, an increase of $1,109 over the preceding year. The finding is contained in the fourth annual Milliman Medical Index (MMI).

The MMI tracks the changes in average yearly healthcare costs when the family of four is covered by an employer-sponsored Preferred Provider Organization (PPO). The new Milliman study determined that the average annual medical cost for a family of four increased by 7.6% from 2007 to 2008. This was lower than the 8.4% average annual rate of increase for the period 2003-2007, but the burden of overall expense is steadily shifting to employees.

"The employee's share of spending on healthcare services rose by double digits for the second consecutive year in 2008," said study co-author Lorraine Mayne, a Milliman principal and consulting actuary. "We estimate the employees' portion of healthcare premiums increased 10.1% in 2008 over 2007. This is likely to increase pressure on the next presidential administration to address healthcare costs," Mayne added.

"The MMI examines the key drivers and the components of actual medical spending, including physician charges, prescription drugs and hospital charges," said Gary Brace, Milliman principal and study co-author. "Over the past year, the rate of prescription drug costs increased by double digits at 10.6%. This is a trend we expect will continue for several years, as fewer high volume drug patents expire. For many Americans, this rate of increase is exceeded only by fuel and certain food costs," Brace noted.

Medical costs for a family are determined by the number, type and cost of healthcare services that they utilize and the amounts that the employee's health plan pays medical providers for these services. Utilization of medical services for a particular family varies significantly based on the family's ages, geographic area, health status and other factors. This year, among the 14 representative metropolitan areas Milliman studied, healthcare costs varied by more than 35% from lowest to highest.

The MMI is based on Milliman's analysis of historical claim data and understanding of trends in provider contracting. The complete Milliman Medical Index is available at http://www.milliman.com , or by calling Marjorie Taylor at 202-292-1195 or Jim Loughman at 203-698-0008.

About Milliman

Milliman, whose corporate offices are in Seattle, serves the full spectrum of business, financial, government, and union organizations. Founded in 1947 as Milliman & Robertson, the company has 48 offices in principal cities in the United States and worldwide. Milliman employs more than 2,000 people, including a professional staff of more than 900 qualified consultants and actuaries. The firm has consulting practices in employee benefits, healthcare, life insurance/financial services, and property and casualty insurance. For further information visit http://www.milliman.com .


'/>"/>
SOURCE Milliman, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Milliman Expert Addresses Practical Applications of Lifestyle-Based Analytics in Risk Selection
2. Milliman Survey Confirms Continued Dominance of Guarantees in Variable Annuity Retirement Income Products
3. Study Suggests Green Tea May Support the Medical Treatment of Stomach and Colon Cancer
4. Rising Medical Solutions and CEO Are Featured as a Case Study in the Effective Small Business Management, Ninth Edition Textbook
5. Blue Cross and Blue Shield of Illinois Names New Chief Medical Officer
6. China Sky One Medical, Inc. to Present at Brean Murray Carret & Co. All-Cap All-China Conference
7. China Sky One Medical, Inc. Announces Conference Call to Discuss First Quarter 2008 Results
8. Visage Imaging to Provide Fully Integrated Thin Client-Based Solution to Tufts Medical Center
9. Marc Feldmann and Sir Ravinder Maini win Dr. Paul Janssen Award for Biomedical Research
10. Providence Holy Cross Medical Center Ignores Community, Environmental Concerns With Planned Expansion of Mission Hills Facility
11. Emphasys Medical to Present VENT Clinical Trial Data at ATS 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... The temporary closing of Bruton Memorial Library on June 21 due ... up a new, often overlooked aspect of head lice: the parasite’s ability to live away ... a common occurrence, but a necessary one in the event that lice have simply gotten ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van ... Wellness at Work award to iHire in recognition of their exemplary accomplishments in worksite ... 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Marcy was in a crisis. Her son James, ... out at his family verbally and physically. , “When something upset him, he couldn’t control ... use it. He would throw rocks at my other children and say he was going ...
(Date:6/24/2016)... Rhinebeck, NY (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of ... of companies that call for a minimum wage raise to $12 an hour by 2020 ... wage. This will restore the lost value of the minimum wage, assure the wage floor ...
(Date:6/24/2016)... ... June 24, 2016 , ... Strategic ... Frederick area economy by obtaining investment capital for emerging technology companies. SCP ... that have already resulted in more than a million dollars of capital investment ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... OAKLAND, N.J. , June 24, 2016 /PRNewswire/ ... in the design, development and manufacturing of collagen ... and regeneration announced today that Bill Messer ... Sales and Marketing to further leverage the growing ... surgery medical devices. Bill joins the ...
(Date:6/24/2016)... 24, 2016 ... the addition of the " Global Markets for ... This report focuses on ... updated review, including its applications in various applications. The ... which includes three main industries: pharmaceutical and biotechnology, food ...
(Date:6/24/2016)... June 24, 2016 Dehaier Medical Systems Ltd. ... which develops, markets and sells medical devices and wearable ... signed a strategic cooperation agreement with Hongyuan Supply Chain ... Chain") on June 20, 2016, to develop Dehaier,s new ... cooperation agreement, Dehaier will leverage Hongyuan Supply Chain,s sales ...
Breaking Medicine Technology: