President Obama said he will make health care “affordable” and “attainable.” He further said, “Well, if [the health care bill] doesn’t pass, I’m more concerned about what it does to families out there who right now are getting crushed by rising health care costs and small businesses who were having to make a decision, ‘Do I hire or do I fix health care?’ “
In 2010, U.S. health spending is estimated to have grown at a historic low of 3.9 percent, due in part to the effects of the recently ended recession. In 2014, national health spending growth is expected to reach 8.3 % when major coverage expansions from the Affordable Care Act of 2010 begin.
The U.S. health bill will account for 19.8% of the nation’s spending by 2020, up from 17.6 % in 2009, outpacing projected average annual GDP growth, researchers said on Thursday.
Medicaid coverage, and premium and cost-sharing subsidies for exchange plans are projected to increase the federal government share of health spending from 27 percent in 2009 to 31 percent by 2020.
“We are projecting a decline in the out-of-pocket share, but that doesn’t mean that the consumer’s burden is going to be substantially reduced,” said Sean Keehan, an economist at the Centers for Medicare and Medicaid Services (CMS) and co-author of the report. “Especially since we’re projecting health spending to grow at a faster rate than economic growth and disposable personal incomes.” Read here: Healthcare bill is gonna cost ya