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Components of Medical Costs
Staff Reporters
According to the just released Milliman Medical Index Components of Spending [MMICS], the total medical costs for a domestic family of four reached $15,609 in 2008, as allocated below.
|
2008 MMI Component of Spending |
Total Medical Cost* |
Percentage |
|
Physician |
$5,435 |
35% |
|
Inpatient |
$4,724 |
30% |
|
Outpatient |
$2,516 |
16% |
|
Pharmacy |
$2,302 |
15% |
|
Other |
$633 |
4% |
|
Total |
$15,609 |
100% |
*Includes both the portion of the costs paid by an employer’s benefit plan and the portion paid by the family in the form of out-of-pocket cost sharing.
Full report: http://www.milliman.com/expertise/healthcare/products-tools/mmi/pdfs/milliman-medical-index-2008.pdf
Conclusion
Your thoughts and comments are appreciated?
Related Information Sources:
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Health Administration Terms: www.HealthDictionarySeries.com
Physician Advisors: www.CertifiedMedicalPlanner.com
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ASK AN ADVISOR
I would like to know what these household expenses would be if they did not include the contributions made by the employer benefit plan? If the family was responsible for paying the medical bills without any outside help.
Thank you very much.
Sincerely yours.
Stephen E. Silver, M.D.
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Hello Stephen,
Yes, if your employer doesn’t pay, who else will? And, the HI premiums depend on the carrier, age, pre-existing conditions and plan structure, of course. Generally, the share of premiums paid by employers: 81% single; with 71% for families.
For example, when I was still in medical practice in 2000, we paid about $13,000 per employee each year [about 20-22 FTEs] for health insurance [PPO]; including me, my wife and daughter. I’ve had an HSA for the last decade now. We paid $4,800 this year in premiums, with a $10,000 deductible. We use about $2,500 of the deductible each year for care, including health club dues, and have more than $50-K in the savings portion. This money would have been otherwise lost in premiums. We are very pleased so far. And, HSAs have no MIB tracking up to the ten grand deductible.
Our catastrophic health plan is traditional indemnity with no co-pays, no provider or hospitals panels, no pre-certs or co-insurance after the deductible. Prescriptions are included.
However, if you have chronic disease issues, an HSA may not be for you. Then again, as an MD, it may be ideal.
Fraternally.
Edward
[A Financial Advisor]
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