Governments will pay nearly half the healthcare bills in the U.S. in the next decade, according to a new study examining the impact of an aging population.
About 19 million baby boomers will join the Medicare ranks over the next decade or so, leading to higher spending by the federal insurance program for seniors, according to the study.
The Office of the Actuary for the Centers for Medicare and Medicaid Services on Tuesday released its annual healthcare spending projections from 2014 to 2024. It offered a detailed look at the impact of baby boomers on Medicaid — which offers nursing home and home care coverage for seniors — and Medicare.
A projected four of every 10 healthcare dollars will be spent on Medicare and Medicaid enrollees from 2016 to 2024, according to the study. As a result, state, federal and local governments are expected to cover nearly half of all U.S. health expenses, the study said.