Federal, state and local governments in the United States will be paying nearly half of the nation’s health care costs in less than 10 years, according to a new Centers for Medicare and Medicaid Services (CMS) report.
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It said the three levels of government will be paying 47 percent of the nation’s health care costs in 2027, compared with 45 percent currently, the Associated Press reported.
That rise is being driven by increasing Medicare enrollment by aging baby boomers switching from private coverage, CMS said.
Medicare’s trustees have said the program will be insolvent in seven years because the trust fund for inpatient care will no longer be able to fully cover projected medical bills, the AP reported.
The CMS also said that health care spending will grow to more than $5.9 trillion in 2027, accounting for more than 19 percent of the nation’s economy.
It’s predicted that health care spending will increase slightly more quickly than overall economic growth from 2018 to 2027, causing affordability issues for government, employers and households, the AP reported.
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