Health care cost is expected to increase greatly over next decade in the US

Health care cost is expected to increase greatly over next decade in the US

Health care cost per person this year in the US is expected to jump to $10,345. On Wednesday, government anticipated that health care cost would grow at faster pace than the national economy in coming decade, and that national health expenditures will be $3.35 trillion this year.

The average growth is expected to increase by 5.8% from 2015 to 2025. The rate will be less than in years before economic recession 2007-2009. But the rate is faster than what had been witnessed in recent years. This year’s increase in the rate is 4.85%, which is lower when compared with that predicted for entire coming decade.

It is projected that by 2025, nearly half of health care spending will be from government. This means Medicare and Medicaid will grow more speedily than private insurance as the baby-boom generation ages. The share of the Americans with health insurance would remain above 90%.

“No serious candidate for president can demonstrate fiscal leadership without having a plan to help address these costs. No matter whether a candidate has an agenda that focuses on tax cuts or spending increases, there will be little room for either”, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan group that advocates for reducing government red ink.

She added that efforts to reduce costs are not doing much as health care spending continues to grow faster than the economy squeezing out other priorities. The $10,345-per-person spending is an average figure, not all give this much amount. In the US, health care spending is greatly uneven.

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