BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
Prices for medical goods and services are projected to grow as more baby boomers retire and move from private insurance to Medicare.
The independent Office of the Actuary at the Centers for Medicare & Medicaid Services (CMS) predicts the nation’s health spending will grow by an average of 5.5 percent between 2018 and 2027, reaching nearly $6 trillion by 2027.
To put the numbers in context, federal officials estimate the nation’s overall Gross Domestic Product – the market value of all goods and services – will grow by an average of just 0.8 percent during the same period.
Rising health care costs will most certainly affect taxpayers. According to the report, federal, state and local governments are projected to finance 47 percent of national health spending.
Where will the money go?
What about you? Are your health care costs growing at a faster rate than your income? Share your story with Voices for Affordable Health.