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113. Warning Signs: 2024 National Healthcare Data

113. Warning Signs: 2024 National Healthcare Data

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 The 2024 National Healthcare Expenditure Data are out and there are huge warning signs for the country. About The Podcast: Millions of Americans feel confused and frustrated in their search for quality healthcare coverage. Between out-of-control costs, countless inefficiencies, a lack of affordable universal access, and little focus on wellness and prevention, the system is clearly in dire need of change. Hosted by healthcare policy and technology expert Marc S. Ryan, the Healthcare Labyrinth Podcast offers accessible, incisive deep dives on the most pressing issues and events in American healthcare. Marc seeks to help Americans become wiser consumers and navigate the healthcare maze with more confidence and certainty through The Healthcare Labyrinth website and his book of the same name. Marc is an unconventional Republican who believes that affordable universal access is a wise and prudent investment. He recommends common-sense solutions to reform American healthcare. Tune in every week as Marc examines the latest developments in the space, offering analysis, insights, and predictions on the changing state of healthcare in America. About The Episode: On this episode, Marc discusses the releases of the 2024 National Healthcare Expenditure Data. There are huge warning signs for the country. Key Takeaways: The 2024 National Healthcare Expenditure Data were finally released after a delay due to the government shutdown. In 2024, healthcare spending in the United States rose to $5.279 trillion, a $353.3 billion or 7.2% increase. Healthcare expenditures as a percentage of gross domestic product went from 17.7% in 2023 to 18% in 2024. This was largely driven by heightened utilization (use and intensity) and a shift in the types of services consumed (4.7%) and less so for actual inflation (2.5%). Hospital care was 31% of expenditures, physician and clinical services 21%, and prescription drugs 9%. The insured share of the population was 91.8% in 2024— down slightly from an historic high of 92.5% in 2023. Private Health Insurance was 31% of spending and reached $1.6 trillion in 2024, an 8.8% increase. Medicare was 21% of spending and reached $1.1 trillion in 2024, a 7.8% increase. Medicaid was 18% of spending, increasing 6.6% to $931.7 billion in 2024. Out-of-pocket costs were 11% of total expenditures and increased 5.9% to $556.6 billion. The typical working family in the U.S. spent $3,960 on healthcare-related costs in 2024, including premiums and out-of-pocket expenses. The robust growth shows the challenges ahead for healthcare. It was the second consecutive year costs trended up more than 7%. The ongoing growth in NHED is clearly not sustainable. Without major reform, we are faced with a number of compounding problems – economic stagnation, more Americans will become uninsured and underinsured, and healthcare will become more and more unaffordable. Connect With Marc: Marc on LinkedIn Marc on Twitter THL Podcast Resources: THL's Newsfeed THL's Blog The Healthcare Labyrinth: A Guide to Navigating Health Plans and Fixing American Health Insurance
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