National health spending is projected to exceed $10,000 per person for the first time in 2016, according to an announcement from federal health officials.
National health expenditures will hit $3.35 trillion this year, which is up 4.8 percent from 2015, according to a paper written by officials at the Centers for Medicare and Medicaid Services.
Officials project that health spending growth from 2015 to 2025 will average 5.8 percent, which will exceed growth in gross domestic product by 1.3 percent. Currently, health care spending represents 17.5 percent of the economy. Health care spending is projected to account for just over one-fifth, or 20.1 percent, of the entire economy in 2025.
“Following the initial effects of the Affordable Care Act (ACA) on health care spending and insurance coverage, increases in economic growth, faster growth in medical prices, and population aging are expected to be the primary drivers of national health spending and coverage trends over the next decade,” the paper states.