National Healthcare Spending in the U.S. Was Nearly $5 Trillion (with a “T”) in 2023 – New...
Health Populi December 18, 2024
U.S. health care spending hits $4.9 trillion in 2023
Medical Economics December 18, 2024
Key Takeaways
- U.S. healthcare spending in 2023 was $4.9 trillion, with a 7.5% increase from 2022, driven by increased service utilization and insurance coverage.
- Health care spending accounted for 17.6% of the economy, returning to pre-pandemic levels, with private insurance spending rising by 11.5%.
- Medicare and Medicaid spending increased by 8.1% and 7.9%, respectively, with Medicare Advantage plans accounting for 52% of Medicare expenditures.
- Prescription drug spending surged by 11.4%, driven by antidiabetes medications and a higher proportion of brand name prescriptions.
- Hospital care and physician services experienced significant spending growth, with hospital care increasing by 10.4% and physician services by 7.4%.
CMS Office of the Actuary publishes annual price tag; physicians got $978 billion of it.
Americans...
Today's Sponsors
Today's Sponsor