Health care can cost a family of four $20,728 a year, according to a recent study by benefits consultant Millman.
The average annual cost for health care is up 7 percent from 2011, according to the Gastonia, N.C.-based Gaston Gazette. Due to the way employer-sponsored health insurance is paid, many families don't even know their health care cost for an entire year could pay for a mid-sized sedan, the Millman group said in its yearly release.
Many consumers don't know what their doctor, hospital and other medical bills cost, according to the newspaper article. In large part, that's because employer contribution to the usual preferred provider covers more than 50 percent of the cost. On average, the amount an employee pays for health insurance makes up about 25 percent of the cost and out-of-pocket payments come account for about 17 percent.
Employers still pay the largest portion of health care costs, but how much employees pay has grown every year since 2007, according to the Millman group.
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