The percent of the nation’s Gross Domestic Product (GDP) consumed by federal spending on health insurance will grow over the next ten years, the Congressional Budget Office projects.
On Thursday, CBO released an analysis of federal government subsidizes of health insurance made to Americans through various programs and tax provisions, performed in conjunction with the Joint Committee on Taxation (JCT).
Total federal subsidies for employment-based coverage and for Medicare will nearly double from 2023 to 2033, the report projects.
Measured as a percentage of GDP, federal subsidies for employment-based coverage and for Medicare are projected to rise over the next decade, while those for Medicaid and CHIP and for nongroup coverage and the Basic Health Program are projected to decrease.According to the CBO’s projections, net federal spending on health insurance will: “Grow substantially” from $1.8 trillion in 2023 to $3.3 trillion in 2033, Increase from 7.0% of GDP in 2023 to 8.3% […]
Read the Whole Article From the Source: mrctv.org
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