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$1.3 Trillion Spent on Health Benefits in 2024

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According to the Centers for Medicare and Medicaid Services (CMS) health care spending in the United States is projected to increase by 5.8% this year to $1.3 trillion. The spending per participant cost will increase by 6% $7,459. Despite this, enrollment is expected to decrease by 0.2% to 178 million.

Overall health care spending is set to reach $5 trillion this year, with an average 2024 spending per person of $15,074. According to CMS projection tables, 2032 total health care spending could hit $7.7 trillion, making up 19.7% of the gross domestic product.


Employer Takeaway

Health care spending is projected to increase in 2024, impacting individuals, employers, and carriers. This may lead to employers facing higher costs and enrollment challenges. As health care becomes less affordable, employee enrollment rates are expected to decline. Employers can manage rising costs by exploring customizable benefits, alternative funding, and wellness programs. They should also continue to monitor benefits trends, employee utilization, and spending. Download the bulletin for more details.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Ken Zastrow

Ken Zastrow

Ken Zastrow enjoys establishing a strong rapport with his clients. He believes that education is key in helping them understand their benefit plans. Ken has a strong background in both active and post-employment benefit strategies. As Employee Benefits Consultant at National Insurance Services, Ken is responsible for the overall assessment and management of all an employer’s benefit plans including claim reconciliation, policy changes, renewals, and medical and dental analytics. He is also well versed in compliance, benefit integration, and early retiree benefits. Ken is a licensed health and life insurance agent, working with schools, cities, and counties in the Midwest Region.