Health Care Spending Growth Will Continue Until 2024

A new government report says health care spending is speeding up again. “Thanks to Medicare, all Americans age 65 and older are guaranteed access to health coverage – they can’t be denied because of their age or health condition”, said AARP CEO Jo Ann Jenkins.

Average projected 2015 spending will decline slightly to 5.3 percent because the number of newly insured will ease compared with 2014 and because of lower hepatitis C drug prices this year, the study found.

The same data indicates that during the next decade, through 2024, all health care spending is expected to grow by 5.8 percent on average, with the peak growth visible in 2020 and calculated at 6.3 percent. “Private health insurance premiums are projected to have risen to $1.0 trillion and to have increased 6.1 percent, up from 2.8 percent growth in 2013”.

Also, Americans will not likely see such big increases in their personal spending on health care.

He explained that the program has kept itself up to speed with significant changes in the demographic that it was designed to serve and even led efforts to improve the delivery of healthcare services to people. West Virginians for Affordable Health Care observed the anniversary by touting the benefits Medicaid and Medicare provide. With the continued historically low growth in per-Medicare enrollee spending, the most recent 2015 Medicare Trustees report found that the solvency of the Medicare Trust Fund remained unchanged from previous year.

However, health spending is also projected to grow 1.1 percent faster than the gross domestic product each year in the next decade, according to the report. “If we drop that to 18% or 15%, does that solve the problem of the health care spending?” HealthChoices provides health care coverage to more Pennsylvanians than ever before, including many who previously didn’t qualify for traditional Medicaid plans.

What can’t be ignored is that Medicare faces a number of challenges, including the rising cost of health care and a growing aging population that is living longer than they did in 1965. The report was published online in Health Affairs on July 28.

Prior in to 2014, healthcare spending costs were usually crawling around four proportion per annum due to the fact the weaker financial system caused people to become shrink health care that they cannot buy.

Almost 90 percent reported having no insurance at the time of enrollment, according to state health officials. But there’s widespread agreement that the United States wastes too much. Almost 9 in 10 Americans say that though there are competing spending priorities in Congress, we should increase spending on Medicare or keep it about the same.

Now: Private insurance plans increasingly are the consumer-facing side of both programs. The rate reached a historic low of 4 percent a year during the recession (2008-2013).