Health Spending to Rise Nearly 6% Annually Through 2024
Health spending in the U.S. is expected to grow by an average of 5.8% annually through 2024, while spending on physician services is expected to grow by smaller amounts, CMS officials said Tuesday.
The spending growth is largely due to the major expansions in health insurance coverage under the Affordable Care Act (ACA), as well as stronger expected economic growth and the aging of the population, Sean Keehan, MA, an economist in CMS’s Office of the Actuary, said at a briefing here sponsored by Health Affairs.
“Although this growth is expected to be faster than in recent past, it’s still slower than we’ve seen in the past 3 decades prior to the recession, [when] growth was roughly 9%,” he said.
CMS Salutes 50 Years of Medicaid and Medicare …
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CMS marked the 50th anniversary of its namesake programs by recalling their start and recounting their achievements at a press event here on Wednesday.
“Here’s what we’re celebrating: more than a generation of seniors who have lived their retirements with medical care they needed without depleting their life savings,” said Andy Slavitt, acting administrator for CMS. Slavitt also noted the millions of disabled Americans and children the programs have helped.
Department of Health and Human Services Secretary Sylvia Burwell joked that she had a lot in common with Medicare and Medicaid, having just turned 50 herself and having just joined social media.
