U.S. health care spending expected to hit 20 percent GDP
WASHINGTON, June 12, 2012—Updated government estimates published in the journal Health Affairs indicate that health care spending in the U.S. will engulf almost one-fifth of the economy by 2021.
Actuaries from the Centers for Medicare & Medicaid Service estimated that health spending would rise from 17.9 percent of gross domestic product in 2010 to 19.6 percent in 2012.
Much of the increased spending is expected in 2014 with implementation of the Patient Protection and Affordable Care Act of 2010. Most developed nations spend 10 percent or less of their gross domestic product on health care.