Medicare s Financial Problems Affecting The Entire Budget

Medicare covers over 47 million Medicare Beneficiaries. This includes 39 million seniors and 8 million people under 65 receiving social services disability insurance (SSDI) payments due to permanent disabilities (Kaiser Family Foundation 2010). Medicare accounts for 12% of federal spending, 23% of national health spending, and is critical part of policy discussions related to the federal budget and the 2010 Health Reform Law (Kaiser Family Foundation 2010). Medicare’s financial problems affect the entire budget, and are largely responsible for projected increases in federal deficits (Peter G. Peterson Foundation 2010). Medicare spending is projected to double from 3.5 percent of Gross Domestic Product (GDP) in 2010 to 6.4 percent of GDP in 2030. The congressional budget office points out most of the growth is due to rising health care costs, rather then the baby boom generation aging (Kaiser Family Foundation 2009). Medicare spending is projected to grow moderately in the next 10 years. Medicare’s share of the federal budget is projected to increase from 14.3 percent in 2015 to 15.2 percent in 2024, and Medicare spending, as a share of GDP, is projected to increase from 3.0 percent in 2015 to 3.3 percent in 2024 (Kaiser Family Foundation 2015). Furthermore, the Growth in health care spending has always matched or outpaced GDP growth. However, national health expenditure (NHE) data show a significant slowdown in health care spending in recent years. In 2009 andShow MoreRelatedThe True Cost Of Alzheimer s Care 21037 Words   |  5 Pages THE TRUE COST OF ALZHEIMER’S CARE 2 Alzheimer’s disease is one of the most devastating diseases affecting approximately 5.3 million people in the U.S. (Alzheimer’s Association, 2015; Caminiti, 2015; Hammer, 2016). It is not exclusively a disease of old age as over 200,000 are diagnosed under the age of 65. 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