In 2023, national health care spending is projected to have grown by 7.5% to almost $4.8 trillion. This growth rate is expected to continue at a faster pace than the growth of the gross domestic product over the next decade. The information was released in national projections on Wednesday.
The increase in spending in 2023 was driven by an increased use of health services, which was fueled by a record-high 93% of Americans having health coverage. This information was detailed in the annual report on long-term health care costs and coverage from the Centers for Medicare & Medicaid Services’ Office of the Actuary.
Looking ahead, from 2027 to 2032, it is expected that health care inflation and increased use of services will lead to total health care spending reaching nearly $7.7 trillion. This projection highlights the ongoing challenges and complexities within the health care system in the United States.
