🏥 U.S. Healthcare Spending Tops $5.3 TRILLION 💸

Healthcare costs in the United States surged sharply in 2024, reaching $5.3 trillion, up 7.2% year-over-year, according to data from the Centers for Medicare & Medicaid Services (CMS).

📊 Key Highlights

• Healthcare spending now equals 18% of U.S. GDP, up from 17.7% in 2023

• Growth outpaced overall economic expansion

• Higher insurance enrollment and increased medical usage drove the rise

🏛️ Biggest Cost Driver

Government healthcare administration saw the largest jump:

• Administrative spending surged 14.7%

• Medicaid administration alone rose nearly 20%

• Post-COVID Medicaid coverage changes played a major role

🏥 Where Spending Is Rising Fastest

• Non-medical & dental services: +10.8%

• Home healthcare: +10.2%

• Hospital care spending hit $1.6T, rising 8.9%

• Hospital prices climbed at the fastest pace since 2007

📈 Insurance Enrollment Boom

• Affordable Care Act enrollment jumped 30% to 21.1M people

• Total private insurance coverage rose to 214.3M Americans

• Special enrollment programs helped those removed from Medicaid shift into ACA plans

⚠️ Bottom Line

U.S. healthcare costs are accelerating faster than the economy, raising long-term concerns around inflation, government budgets, and household financial pressure.

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