Eight things to know, per the analysis:
1. The year-over-year uptick in healthcare spending growth reflected growth in non-price factors, such as use and intensity of services.
2. When accounting for healthcare price inflation using the National Health Expenditure deflator, real healthcare spending increased by 4.4% in 2023, outpacing the 1.4% growth seen in 2022.
3. 2023’s 4.4% real healthcare spending growth rate also outpaced the 2.9% growth rate of real GDP for the year.
4. In 2023, private health insurance spending rose 11.5% to $1.5 trillion, driven by higher enrollment, increased spending on goods and services, and growth in the net cost of insurance.
5. In 2023, Medicare spending reached $1 trillion, and Medicaid spending totaled $871.7 billion.
6. Medicare spending increased 8.1% in 2023, up from 6.4% growth the previous year, partly due to rapid growth in Medicare Advantage spending. Medicaid spending rose 7.9%, falling back a bit from the 9.7% growth observed in 2022.
7. Total out-of-pocket spending increased 7.2% in 2023 to $505.7 billion, up from 6.9% growth in 2022.
8. Hospital care spending reached $1.5 trillion in 2023, growing 10.4% — the fastest rate since 1990, when it rose 10.8%.
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