Health Care Costs for Employees, Employers Are Both Expected to Climb
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Sep 08, 2023
Annual health care costs for a hypothetical American family of four covered by an employer-sponsored preferred provider plan (PPO) are estimated to reach $31,065 in 2023, an increase of 5.6% year over year, according to the 2023 Milliman Medical Index (MMI).
On average, annual health care costs per person covered by a PPO plan will grow from $6,472 in 2021 to $7,221 in 2023, the actuarial and consulting firm predicted. Approximately 36% of those total expenses are attributed to inpatient and outpatient hospital services, while professional services alone will account for 30% of total spending in 2023.
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