Medicare enrollment should spike and private insurance enrollment should drop as Baby Boomers age into the federal healthcare program.
Commerce Department's Bureau of Economic Analysis in its advance estimate PDF for second-quarter gross domestic product showed healthcare spending climbed 4. The overall economy grew at a 2. It was the second straight quarter of fairly rapid growth in healthcare spending despite an overall sluggish economy.
The sector grew 5. Some analysts said it is a mistake to read too much into the first Healthcare spending of quarterly growth. Healthcare expenses in the first quarter of turned out to be lower than expected when bad weather stopped people from taking advantage of expansions in coverage, according to Paul Hughes-Cromwick, senior health economist at the Altarum Institute's Center for Sustainable Health Spending.
Still, the best indicator of healthcare spending is employment datasaid Thomas Getzen, a health economist at Temple University. So when healthcare employment is robust, as it has been in the past couple of months, the contribution will rise.
The second-quarter growth of 2. The latest GDP report comes two days after CMS projected healthcare spending will resume its upward march in the coming decade.
The CMS actuaries' annual outlook predicted U. Even after adjusting that number for inflation, that would be significantly faster than the overall rate of economic growth and would be comparable to the growth rate inwhich hit 5.
Skyrocketing prices of hepatitis C and other specialty drugs is a major contributor to the recent increases in spending, the actuaries said. The BEA's first revision of the second-quarter estimate will be released on Aug.Economics of Health Care Spending October 8, NOTE (10/15/): Slide #18 has been revised from the original presentation.
Health Care Market is Unique 1 zThe field of health economics is a growing research field, but it largely draws on. LONDON, Sept. 30, /PRNewswire/ About healthcare IT spending Healthcare enterprises worldwide have become increasingly dependent on technology and various IT products, solutions, and.
National health spending grew by % in , slightly lower than the % growth in US health spending reached $ trillion in , or $10, per capita, and accounted for % of gross domestic product (GDP).
The slower growth was due, in part, to decelerating growth in enrollment and. A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money.
In , almost all (96%) spending on prescription drugs came out of the consumer’s pocket, but a dramatic rise in private insurance, coupled with the implementation of Medicare drug coverage in , dropped the out . Healthcare spending and costs have become a top priority for both state and federal legislators amid growing concern from consumers and employers.
Healthcare spending as a percentage of the national gross domestic product (GDP) increased from 5 percent in to reach percent in , or over.