US healthcare spending will reach nearly 20% of GDP by 2032, predict experts

US healthcare spending growth will likely exceed the growth in gross domestic product (GDP) during the next decade, increasing from 17.3% of the GDP in 2022 to 19.7% in 2032, says a report from experts at the Centers for Medicare and Medicaid Services (CMS).1Among the reasons are inflation in healthcare prices, growth in the use of healthcare services and goods, and an ageing population.CMS is the federal agency that provides health coverage to more than 160 million people through its programmes. Medicare is health insurance for those over 65 and some people with disabilities. Medicaid provides health insurance to eligible people on low incomes including adults, children, pregnant women, elderly adults, and people with disabilities. The Children’s Health Insurance Program covers children whose parents earn too much to qualify for Medicaid.CMS also administers the Health Insurance Marketplace. Set up by the Affordable Care Act, it creates a competitive private health…
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