CMS’ Office of the Actuary said health care spending will rise at an average 5.8% annually through 2024, reporting in this month’s Health Affairs. Expansions stemming from the Affordable Care Act, an aging population and faster economic growth all point to increased spending on care.
The rate of growth for healthcare spending on medical goods and services has slowed in recent years, but is expected to gradually increase. “However, in part because of the impact of continued cost-sharing increases that are anticipated among health plans, the acceleration of these growth rates is expected to be modest,” the authors said.
The auditors report that the healthcare share of GDP was 17.4% in 2013 and is projected to be 19.6% in 2024.