Report Looks at US Health Care Spending
May 7, 2010 – According to a recent report from the California HealthCare Foundation, U.S. health care spending slowed in 2008.
The report, entitled Health Care Costs 101, looks at data pertaining to 2008 and determines that health care spending rose 4.4% in 2008 compared to 2007, the slowest pace in almost 50 years. However, the report indicates that this spending still outpaced the overall economy, resulting in health care’s share of Gross Domestic Product (GDP) rising to 16.2%. Total U.S. health care spending in 2008 reached $2.3 trillion, which comes out to $7,681 per person on average.
Data also indicate that prescription drug spending grew by 3.2%, which is an all-time low.
Projections indicate that health care’s share of the GDP for 2009 will likely reach 17.3%.
In terms of how spending on health care spending is divided between sectors, the report states that health care spending accounts for 6% of personal income; 8% of total compensation paid by private business; 24% of state and local government revenues; and 36% of federal government revenues.
The full report can be accessed by clicking here.
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