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Nonstop Wellness Blog

High-quality benefits for nonprofits.

Healthcare spending growth rate rises again in 2015 - Modern Healthcare

Bob Herman writes for Modern Healthcare, “The U.S. healthcare system spent $3.2 trillion in 2015, or almost $10,000 for every person, according to the latest federal projections."

Read the full article at: www.modernhealthcare.com

As a result of the U.S. reducing the number of people without health insurance, government agencies, companies, and consumers, as a whole, spent much more on healthcare in 2015 than they did in prior years. The increase in spending is in line with the predicted average of 5.8% per year for the next 10 years.

Economists worry that not enough is being done to slow down healthcare spending, which averts funding from things like education and transportation. “It's a lower rate of spending (in 2015), but once you move that over to real spending net of inflation, it's still significantly above the growth of tax revenues and GDP and wage growth,” said Thomas Getzen, a health economist at Temple University in Philadelphia. “Even at 5.5% growth, if wages are going up 2.5%, you're in trouble.”

And with roughly 10.6% of national health expenditures coming directly from consumers, people are starting to feel the strain of rising healthcare costs.

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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose