US healthcare spending soars to over $5 trillion in 2024
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U.S. healthcare spending surged by 7.2% to $5.3 trillion in 2024, driven by increased health insurance enrollment and higher medical service usage, according to the U.S. Centers for Medicare & Medicaid Services. This spending accounted for 18% of the GDP, up from 17.7% in 2023. Notable increases were seen in government administration costs, which rose 14.7%, and Medicaid costs, which jumped 19.8%. Enrollment in the Affordable Care Act also increased significantly, with over 21 million people now covered.
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