U.S. To Pay for Half of All Health Care Costs By 2020
1 year ago
People will live longer, more productive lives
The federal government will be paying for an increasing amount of all health care costs by 2020, according to a new report.
Centers for Medicare and Medicaid Services estimates total health care spending will hit $4.6 trillion, 50% of which will be paid by the government.
"The report shows health care spending is growing faster than the economy and faster than inflation," said Leslie Norwalk, former acting administrator for CMS. "Health care spending will double by 2020, and the government will pay 50% of that -- this is troubling. How is that good, especially in the context of the current debate on the debt ceiling?"
The debt ceiling crisis aside, the investment in the Affordable Care Act will lead to a healthier population. "People will live longer, more productive lives," said Richard Hamburg, deputy director of the non-partisan advocacy group Trust for America's Health.