National health spending reached $4.8T last year, CMS actuaries estimate

Healthcare DIVE June 12, 2024
Rebecca Pifer

More Americans had insurance in 2023 than at any other time in the nation’s history, spurring medical utilization and accelerating healthcare spending faster than growth in the overall economy.

Dive Brief:

• A record number of Americans with healthcare coverage — and their increased use of medical services — is expected to spur U.S. health spending to $4.8 trillion in 2023, according to new government projections.
• Last year’s projected healthcare spending growth of 7.5% outpaces larger economic growth for the first time since the coronavirus pandemic began in 2020, according to the CMS Office of the Actuary’s annual health spending report released Wednesday. As a result, health spending swelled to an even larger share of the nation’s gross domestic product.
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