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Nation's health care tab projected to hit nearly $8 trillion in a decade

Annual health care spending in the U.S. is projected to reach $7.7 trillion by 2032, driven by growing demand for care, record levels of insured patients, and increasing Medicare enrollment, up from $4.8 trillion last year, according to federal actuaries. Click here for article.

  • Spending Growth: Health care spending is projected to grow 5.6% annually, outpacing the expected 4.3% annual inflation rate.

  • GDP Impact: Health care spending is expected to rise to nearly 20% of GDP by 2032, up from 17.3% in 2022.

  • Post-COVID Surge: Annual health spending grew 7.5% in 2023, up from 4.1% in 2022, reflecting increased health care usage as the COVID-19 public health emergency ended.

  • Inflation Reduction Act Effects: Provisions like out-of-pocket caps and drug price negotiations are expected to reduce patient drug spending growth to 3.7% in 2025-26, but may increase Medicare spending.

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