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Health care spending in US rises 7.5 percent in 2023 to USD4.9T
(MENAFN) U.S. health care expenditures rose 7.5 percent in 2023 to USD4.9 trillion, according to a report released Wednesday by the Centers for Medicare and Healthcare Services. This growth is partly attributable to the increase in the number of enrolled private health insurance plans, reflecting the ongoing changes in the healthcare landscape and coverage patterns across the country.
The Centers for disease Control and Prevention highlighted that health care spending has grown at a faster rate than the overall U.S. economy. This disparity underscores the increasing financial demands of the health care sector, particularly for individuals aged 65 and older or those living with disabilities who rely heavily on health care plans and services.
According to the report, health care spending in 2023 rose by 4.4 percent when adjusted for inflation, outpacing the 2.9 percent growth in the nation’s gross domestic product during the same period. The report illustrates the widening gap between economic expansion and health care expenditure, which continues to consume a significant share of national resources.
In 2023, health care spending accounted for 17.6 percent of the U.S. economy, a slight increase from 17.4 percent in 2022. However, this share remains below the peak levels recorded during the height of the COVID-19 pandemic. The findings highlight ongoing challenges in managing the balance between rising health care costs and the overall economic context.
The Centers for disease Control and Prevention highlighted that health care spending has grown at a faster rate than the overall U.S. economy. This disparity underscores the increasing financial demands of the health care sector, particularly for individuals aged 65 and older or those living with disabilities who rely heavily on health care plans and services.
According to the report, health care spending in 2023 rose by 4.4 percent when adjusted for inflation, outpacing the 2.9 percent growth in the nation’s gross domestic product during the same period. The report illustrates the widening gap between economic expansion and health care expenditure, which continues to consume a significant share of national resources.
In 2023, health care spending accounted for 17.6 percent of the U.S. economy, a slight increase from 17.4 percent in 2022. However, this share remains below the peak levels recorded during the height of the COVID-19 pandemic. The findings highlight ongoing challenges in managing the balance between rising health care costs and the overall economic context.
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