The Kaiser Family Foundation has discovered an increase in premiums for family medical insurance occurred. However, the boost was moderate when compared with recent years, as double-digit price increases has been the norm for some time. Resource for this article: Family Health Insurance

Average family medical insurance costs as much as a brand new car each year

The value of a family normally has more to do with women's rights than anything else, but sometimes, there is actually a value. According to Daily Finance, a family of four has a family value of $15,745.

A recent survey by the Kaiser Family Foundation points out that it is the same cost as health insurance for a family of four with two children and two adults. That is really expensive considering it is enough cash to buy a new car every year. It is a ridiculously absurd amount to spend on medical insurance.

During the last year, the cost has increased 4 percent. That is actually pretty good since there was a 9 percent boost from 2010 to 2011.

Cost higher for lower income

Kaiser's survey is annual and is being released this year in the journal "Health Affairs."

Though the overall cost has gone up, the price of family health insurance falls mostly on the shoulders of companies. The average employer contribution was $11,429 of the $15,745 total, whereas the worker contribution was $4,316. However, employee-only plan increased only 3 percent, to $5,615, with an employee contribution of $950.

Since 2002, there has been a huge increase in medical insurance costs, according to CNN. The average employee contribution in 2002 was $2,137 with a total of $8,003. The cost has increased in real terms considering the $8,003 increased to $10,192 when adjusted for inflation.

Rates are also more costly for lower-wage employees, according to CNN, as employees of companies where at least 35 percent of employees make $24,000 or less per year usually pay $1,000 more than at businesses where at least 35 percent of employees make $55,000 per year or more.

Price of healthcare continuing to rise

According to the New York Times, in 2007, 21 percent of healthcare plans had deductibles of $1,000 or more. This has even increased since half of all plans have the high deductible now.

Wages and health insurance rates are not increasing at the same time. From 1999 until now, wages have only increased 47 percent, which is a little bit higher than the 38 percent rise in inflation. Still, the cost of medical insurance premiums has increased 172 percent and the price of employee contributions have increased 180 percent, according to the Washington Post.

Sources

Daily Finance

CNN

New York Times