Healthcare costs to hit $30k by 2020 for family of 4: 7 notes on healthcare spending

Healthcare costs are up for families, according to the 2016 Mid-Market Benefits Benchmarking Survey conducted by Scott Benefit Services.

1. Healthcare costs for a family of four were up 4.7 percent on average in 2016 to $25,826.

2. By 2020, the national healthcare cost for a family of four is anticipated to hit $30,632 and as costs escalate, employers are increasingly using cost control methods and strategies that could have an impact on minimizing future increases while still providing quality healthcare to employees.

3. High deductible health plans that cover all preventative services and allow members to pay other healthcare costs using health savings accounts or similar products are growing rapidly. Nationally, 41 percent of people are covered by high deductible health plans.

4. Some states have higher percentage of high deductible plans; Virginia reports 61 percent of organizations surveyed offer high deductible health plans with an additional 13 percent of employers considering the transition.

5. There are 12.7 million people participating on the government-sponsored exchanges with data showing ACA premiums are rising 11 percent on average this year.

6. There are more companies transitioning to self-insured options that can save 5 percent to 10 percent on average over traditional plans.

7. Other employers are offering wellness programs, with the primary driver being employee health improvement; the other primary reason is the need to reduce healthcare costs.

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