The U.S. health care system is projected to surpass $5 trillion in spending by this year, according to a new edition of Health Care Inc. A recent report indicates that healthcare spending growth is expected to outpace GDP growth over the next decade, increasing from 17.3% of GDP in 2022 to 19.7% in 2032. Factors contributing to this increase include inflation in healthcare prices and an aging population. Historical data shows that healthcare costs as a share of GDP have risen significantly from 8% in 1980 to 18% in 2023. The profitability of the health insurance industry is also highlighted, with suggestions for Congress to curb overpayments and manage costs effectively. Criticisms are directed towards Big Pharma, insurance, and hospitals for contributing to rising costs.
It's an especially profitable time for the health insurance industry, thanks to its new favorite customer: Uncle Sam. @CPopeHC offers three suggestions for how Congress can curb overpayments and rein in costs. https://t.co/kjb7R13hJy
Healthcare cost as share of GDP in the US: 1980: 8% 2023: 18% This just means people are getting sicker and the cartel of Big Pharma, insurance and hospitals are ripping people off. Not a progress. https://t.co/3lEz8wz1I2
Healthcare cost as share of GDP in the US: 1980: 8% 2023: 18% This just means people are getting sicker and the cartel of Big Pharma and hospitals are ripping people off. Not a progress. https://t.co/XCmtC3Rlfp
US healthcare spending growth will likely exceed the growth in GDP during the next decade, increasing from 17.3% of the GDP in 2022 to 19.7% in 2032, says report. Among the reasons are inflation in healthcare prices and an ageing population https://t.co/I1YLAiZjz7
The U.S. health care system is on pace to crack the $5 trillion mark by this year. How does the system continue to eat up a bigger slice of the economy? Read a new edition of Health Care Inc. https://t.co/WGrrTYw8sh