Prescription Drug Prices, Rising Out-of-Pocket Expenses Help Push Average Family Health Care Costs to $24.6k per Year

Prescription Drug Prices, Rising Out-of-Pocket Expenses Help Push Average Family Health Care Costs to $24.6k per Year

The squeeze continues: according to a new report, the cost of health care for a typical family of 4 covered by typical employer-sponsored preferred provider organization (PPO) has more than doubled over the past 10 years, with employees experiencing a faster rate of increase than employers, thanks to higher out-of-pocket demands and rising employee payroll deductions.

The 2015 Milliman Medical Index report pegs the average cost of health care for a family of 4 at $24,671—that’s a 6.3% increase, and a noticeable uptick from 2014’s 5.4% increase, one of the lowest recorded by Milliman since it began its studies in 2001.

Milliman points to a rise in prescription drug prices as the biggest reason for the increase, a category that grew by 13.6% from 2014 to 2015. According to the report, the increase was fueled by wider use of specialty drugs—drugs that cost more than $600 per prescription—and more demand for compounded drugs. Overall, prescription drugs accounted for 16% of a family’s health care costs.

Full story of prescription drug and out of pocket expenses at APTA

ByFlex Therapist

FlexTherapist CEUs provides professional online training to Physical Therapists and Physical Therapist Assistants. Our courses are approved by boards throughout the United States for CE renewal. We blog about news and research related to the field of physical therapy that will keep licensed professionals informed.