US projected to spend nearly $9 trillion on healthcare by 2034
The U.S. is expected to spend nearly $9 trillion on healthcare by 2034, according to a new report released Wednesday.
The nation’s healthcare spending is also projected to account for 20.6% of the total economy, according to a report published in Health Affairs citing Centers for Medicare and Medicaid Services data. In 2024, the nation’s health expenditures were $5.3 trillion and represented 18% of total U.S. gross domestic product, the report found.
This expected national health spending surge is driven by increased medical services use through 2026, legislative changes that impact insurance coverage and spending through 2028 and ongoing demographic shifts toward public programs such as Medicare, the report suggests.
The share of the U.S. population that has health insurance is projected to hit 90.5% by 2034, down from 91.8% in 2024, the report suggests.
The U.S. notably spends a higher amount on healthcare than other high-income nations, KFF reported in March. U.S. health consumption expenditures were $14,775 per person on average during 2024, according to KFF’s estimates.
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