According to Reuters News—the U.S. health care bill will account for 19.8% of nation’s spending by 2020. This figure far surpasses the estimated average annual GDP growth. A research report, published online in the journal of Health Affairs and written by members of the Centers for Medicare and Medicaid Services, evaluated projected spending with the new Affordable Care Act.
Here are some key research results to consider:
- An estimated 30 million people will gain health insurance by the start of next decade.
- Annual average growth rate in national health spending expected to be 5.8% or 0.1% higher than without the reform. The researchers of this report estimated that health spending grew at a historically low rate in 2010—3.9%, undoubtedly due to a struggling economy which has deterred many people from seeking medical treatment.
- Health care spending for 2014 forecasted to increase 8.3% from 2013—then an average of 6.2% annually from 2015-2020.
- An estimated 13 million employees may be likely to seek insurance in the new exchanges or enroll in Medicaid if their companies stop offering health insurance.
- Researchers estimated that the following will be some of the largest growth areas as a result of the newly insured population:
- Doctor visits
- Clinical services
- Prescription drugs
___________________________________________________________________________________
For more information about the changing health care climate in light of the Affordable Care Act, look for information on our upcoming seminar, or contact us today at 248-594-5550 or at smartsolutions@austinfg.com.
All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner of this blog does not endorse any of the information in this blog and it does not reflect the opinions of Austin Financial Group. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
