Within a decade, an aging America will be spending one of every five dollars on health care, according to government analysts who see no end to increases in the cost of going to the doctor and taking medicine, the AP is set to report on midnight wires for Wednesday papers, RAW STORY has learned. Excerpts:
The nation's total health care bill by 2015: more than $4 trillion. Consumers will foot about half the bill, the government the rest.
The report, written by analysts with the Centers for Medicare and Medicaid Services, attributes rising costs to the aging of the baby-boom population and the changing nature of health insurance.
They forecast a 7.2 percent annual increase in health care costs over the coming decade. That's in line with the 7.4 percent increase in 2005.
Still, the overall economy is projected to grow at a rate of only 5.1 percent over the coming decade, which means health care will play an ever-growing role.