According to the most recent data available from the CMS, national healthcare expenditure (NHE) grew 9.7% to $4.1 trillion in 2020. That’s $12,530 per person. This figure accounted for 19.7% of gross domestic product (GDP) that year. If we look at each program individually, Medicare spending grew 3.5% to $829.5 billion in 2020, which is 20% of total NHE, while Medicaid spending grew 9.2% to $671.2 billion in 2020, which is 16% of total NHE.
The CMS projects that healthcare spending is estimated to grow by 5.4% each year between 2019 and 2028. This means healthcare will cost an estimated $6.2 trillion by 2028. Projections indicate that health spending will grow 1.1% faster than the country’s GPD each year from 2019 to 2028. This projection in growth is primarily due to higher Medicare enrollments. The projected healthcare spending estimates by the CMS do not take into account costs related to the coronavirus pandemic.
*Medicare spending grew 3.5% to $829.5 billion in 2020”
when calculating Medicare, shouldn’t we deduct what is paid in via individual’s payroll deductions/interest earned? That is, unlike medicaid, it’s not entirely a govt burden? make sense?
I’m not sure how to interpret this chart but it seems to show $345,256,000,000 in trust fund income for 2020 with a $409,789,000,000 outlay
https://usafacts.org/data/topics/people-society/social-security-and-medicare/medicare/hospital-insurance-trust-fund-annual-income/
but it doesn’t differentiate between premiums paid, interest earned, and congressional funding