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Rate of health care growth slowing
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WASHINGTON — The rate of health care spending in the United States grew 7.5% last year, according to projections by the Centers for Medicare and Medicaid Services. This is slightly less than the 7.7% growth in 2003, according to a press release from the CMS.
Total health care spending was projected to be $1.8 trillion for 2004, the CMS release stated. The Medicare prescription drug benefit, scheduled to begin in 2006, is projected to significantly increase prescription drug use and reduce out-of-pocket spending by seniors, the CMS said.
The modestly lower health care spending growth projected for 2004 followed a steeper deceleration in 2003, the CMS statement noted. The low growth rate is expected to continue through 2006, with health care spending growth estimated at 7.3% in 2005 and 2006, the release said.