What medical costs US taxpayers $3,4 trillion each year?
A report from the Center for American Progress (CAP) suggests that’s an enormous number.
The report found that, based on an analysis of data from the Centers for Medicare & Medicaid Services (CMS) and the National Institute on Drug Abuse (NIDA), the cost of medical care in the US exceeds $3 trillion annually.
The CAP report does not address the cost to individuals, families, and communities, but it’s clear that the costs are substantial.
The figures above are based on data from both the CMS and the NIDA.
CAP’s report notes that the average American has a lifetime medical spending of $1,939, compared to $8,726 in 2009.
The median annual cost for the US is $1.8 million, and the poorest 10% of households spend $1 million or less on medical care.
These figures are in line with what a recent study by the Kaiser Family Foundation found.
The foundation’s research found that nearly one-third of all Americans receive some kind of healthcare care at some point in their lives.
The numbers also suggest that healthcare is becoming increasingly expensive.
According to the CAP report, medical spending in the United States will likely double by 2026, from $6,955 per capita in 2009 to $11,919 in 2026.
As the chart below shows, the costs of medical healthcare will grow more than tenfold over the next 10 years.
Chart by CAP’s Robert Beck.
According to the National Institutes of Health (NIH), healthcare costs for the typical American grew from $1 trillion in 2009, when the recession began, to $6.7 trillion in 2020.
The NIH report also noted that in the last decade, medical costs have grown even faster.
It noted that by 2025, healthcare costs would surpass healthcare spending for every other major industry in the country, including agriculture, energy, telecommunications, manufacturing, and health care.
The report points out that healthcare costs have increased in recent years as a result of the Affordable Care Act, or ACA.
Under the ACA, the federal government will pay for most healthcare services by charging insurance companies a fee for each enrollee who has coverage.
The fee is known as the “Cadillac tax,” and the more that enrollees are charged, the more they have to pay.
In addition to the costs borne by individuals and families, the report points to a growing number of non-medical costs.
The study found that the amount of time and money spent on medical expenses has increased in the past decade as well.
“Despite the rising costs of healthcare, Americans are spending more and more of their income on non-emergency medical care,” the report stated.
The rise in healthcare costs has led to a significant drop in the number of insured Americans.
According the Kaiser Foundation, in 2016, about one-fifth of all US adults had insurance, and only 13% had health insurance coverage.
By 2025, that number will be about 17%.
What does this mean for you?
The CAP study notes that medical costs are the primary reason that the United Kingdom voted to leave the European Union.
The country’s health care system has struggled since the financial crisis, but the cost-of-living crisis in the UK has caused some people to seek care outside of the hospital system.
For those who do have insurance, the cost for an individual in the U.S. will be much lower than it was a decade ago, and that will likely lead to greater access to care, especially in rural areas.
As healthcare costs continue to increase, the US will likely see a rise in hospitalizations and deaths, and there is concern that these trends will accelerate.
The CAP report also points out the importance of educating Americans on the importance and value of medical research and technology.
In 2017, the Center on Budget and Policy Priorities, a liberal think tank, reported that the number the U:S.
spends on biomedical research is expected to reach $1 billion by 2025.
In 2024, that figure is expected, according to the report.
What should you do?
If you have a family member who needs help paying for medical expenses, the best course of action is to find out more about the costs associated with healthcare.
This may help inform you on what the options are for you and your family, as well as give you the option to seek additional help from a medical professional.
It’s important to note that the report does note that health care providers can use some of the information contained in the CAP study to help improve their care.
However, you should not assume that your physician will be able to find you a more cost-effective treatment option.
In fact, some medical providers will likely charge a fee to access information that the CAP survey does not contain.