The age of reducing healthcare spending is coming to an end. Federal data shows healthcare spending is set to increase in the coming years, according to The Hill.
Here are five notes:
1. Healthcare spending rose 5.5 percent last year, indicating the biggest jump in spending in six years.
2. Spending is projected to rise each year through 2024 with millions of people insured under the Affordable Care Act and various expensive specialty drugs entering the market.
3. Healthcare spending is expanding to reach $5.5 trillion by 2024, according to a report by the Office of the Actuary in the Centers for Medicare and Medicaid Services.
4. Prescription drug spending rose 12.6 percent last year as opposed to 2 percent growth in the previous two years.
5. Prescription drug spending is projected to increase by 7.6 percent in 2015.
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