CMS is projecting that healthcare spending will, on average, rise 5.5% annually, from 2017 to 2026.
Prescription drugs are expected to see the fastest annual growth over the next decade, rising an average of 6.3 percent per year, due to higher drug prices and more use of specialty drugs such as those for genetic disorders and cancer. In recent years, increases in health spending have been driven by volume, as millions more people gained insurance coverage under the Affordable Care Act.
United States health spending is projected to rise 5.3 percent in 2018, reflecting rising prices of medical goods and services and higher Medicaid costs, a US government health agency said on Wednesday, an upward trend it forecasts for the next decade.
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It stands to reason that the so-called "age wave" will cause the surge in home health spending, although the Health Affairs article does not spell this out explicitly. Economists in the Office of the Actuary at CMS, which published the report, said changes in projected income growth and enrollment shifts from private health insurance to Medicare are also behind the trend.
Health spending is determined by the price of goods and services, as well as how much health care people use. Between 1990 and 2007, annual health spending increased by 7.3 percent per year.
In terms of other senior care categories, spending for nursing care and continuing care retirement communities (CCRCs) is expected to reach $261 billion in 2026.
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If he's not in the newsroom, Tim likes to be on the tennis court or traveling to a new destination. The report also found that by 2026, federal, state, and local governments are projected to finance 47% of national health spending, up from 45% in 2016.
Prescription drug spending growth is anticipated to accelerate from 2.9 percent in 2017 to 6.6 percent in 2018, based on the expectation that the dollar value of drugs losing patent protection is less than in previous years. This was driven by higher Medicare spending, rising prices for healthcare goods and services and increases in premiums for health insurance purchased through the Obamacare individual market.
In contrast, the projected share of health spending sponsored by businesses, households, and other private revenues is expected to fall 2 percentage points over the projection period, from 55.0 percent in 2016 to 53.0 percent in 2026.
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"As we're going through all these projections, it's very clear that the aging of the population has a significant influence on Medicare enrollment and shifts out of private health insurance", Gigi A. Cuckler, an economist in the CMS Office of the Actuary, said Wednesday during a call with members of the media.