For first time, annual health costs for families exceed $20,000

For the first time, the average annual costs of workplace-provided health insurance and other costs for a family of four has exceeded $20,000, a new study has found. Costs are $20,728 this year, an increase of $1,335 over 2011.

An average family will pay $5,114 in premiums for a preferred provider organization plan, plus $3,470 in out-of-pocket costs like co-pays and prescriptions,  Jeffrey Young reports on The Huffington Post. The rest of the costs are paid by employers, according to the report released by Milliman, a firm that consults with companies on employee benefits.

“The rate of increase is not as high as in the past but total dollar increase was still a record,” the report states. “The dollar amount of the increase overshadows any relief consumers might derive from the slowing percentage increase.”

The report also found health-care costs vary among 14 metropolitan areas Milliman analyzed. Miami and New York City are most expensive where costs are 20 percent higher than the national average. Louisville and Lexington were not among the areas studied. (Read more)