iLoveBenefits: Industry News Blog

The Federal Government Paid for 28% of Total Healthcare Spending in 2016

October 8, 2018

        

 

The California Health Care Foundation released a report earlier this year on US healthcare spending. Here is the breakdown for the 3.3 trillion healthcare dollars spent in 2016:

 

 

28% of total health spending in 2016 was paid for by the federal government.
Households accounted for 28% of total healthcare spending in 2016.
Private businesses paid for 20% of total healthcare spending in 2016.
17% of total health spending was paid for by state and local governments.

 

 

Source: California Health Care Foundation, May 2018

October 8, 2018 | Categories: Cost,Federal Government,healthcare | Tags: , | Comments (0)

Asthma Costs the U.S. Economy $81.9 Billion Annually

January 22, 2018

 

 

The American Thoracic Society recently published research on the financial burden of Asthma in the U.S. Here are some key findings from the report:

 

Asthma costs the U.S. economy $81.9 billion annually.
About 15.4 million people in the U.S. had treated asthma each year.
The annual per-person medical cost of asthma was $3,266.
The cost of asthma prescriptions is $1,830 per person per year.
Asthma-related mortality cost $29 billion per year, representing 3,168 deaths.
Missed work and school days combined cost $3 billion per year.

 

 

Source: American Thoracic Society, January 12, 2018

January 22, 2018 | Categories: Chronic conditions,Cost,drugs,healthcare | Tags: , , | Comments (0)

National Health Spending Increased 4.3% in 2016

December 12, 2017

The CMS Office of the Actuary recently released national health expenditures for 2016. Here are some key findings from the report:

• In 2016, overall national health spending increased 4.3%.
• Retail prescription drug spending increasing 1.3% to $328.6 billion in 2016.
• Private health insurance spending increased 5.1% to $1.1 trillion in 2016.
• Medicare spending grew 3.6% to $672.1 billion in 2016.
• Spending growth for Medicaid slowed in 2016, increasing 3.9% to $565.5 billion.
• Out-of-pocket spending grew 3.9% to $352.5 billion in 2016.

Source: CMS Office of the Actuary, December 6, 2017

Medicare Expenditures For 2014-2019 Will Be $4.3 Trillion

 

 

The Robert Wood Johnson Foundation recently released a report on health care spending growth trends. Here are some key findings:

 

National health expenditures (NHE) grew 3.6% per year between 2009 and 2013.
NHE grew 4.3% annually from 2010 to 2015.
Medicare expenditures for 2014 to 2019 are projected to be $4.3 trillion.
Private insurance expenditures for 2014-2019 are projected to be $7 trillion.
NHE per capita is projected to increase 4.6% per year from 2014-2019.
Medicaid enrollment is expected to increase by 2.7%.

 

 

Source: Robert Wood Johnson Foundation, May 2017

June 6, 2017 | Categories: Cost,healthcare,Medicare | Tags: , , | Comments (0)

What C-Suite Executives Want in 2017

26% of Californians Were Covered By Medicaid/CHIP in 2015

Some simply amazing data. How can this be?

Kaiser Family Foundation recently updated state fact sheets on Medicaid spending. Here are some key findings from the report on Medicaid in California:

• In FY 2015, Medicaid spending in CA was $85.4 billion.
• 26% of people in CA were covered by Medicaid/CHIP in 2015.
• 4 in 5 Medicaid enrollees in CA are in families with a worker.
• 34% of Medicaid spending in CA is for Medicare beneficiaries.
• One-fifth of state general fund spending in CA is for Medicaid.
• 58% of all federal funds received by CA is for Medicaid.

Source: Kaiser Family Foundation, January2017

Birth Defects Account for 5.2% of Hospital Costs

The CDC recently released an analysis of the hospitalization costs associated with birth defects. Here are some key findings from the report:

• Structural or genetic birth defects affect 3% of live births in the U.S.
• 20% of infant deaths in the U.S. are due to birth defects.
• Birth defects accounted for 3% of all hospitalizations.
• 5.2% of total hospital costs are attributable to birth defects.
• Birth defect–associated hospitalizations cost $22.9 billion in 2013.
• Cardiovascular defects accounted for 14% of birth defect hospitalizations.

Source: Centers for Disease Control and Prevention, January 20, 2017

January 30, 2017 | Categories: Cost,healthcare,hospitals,quality | Tags: , , , | Comments (0)

Educating patients and families on palliative vs hospice care is critical

Medicare Spent $11,393 per Hospice Beneficiary in 2014

 

CMS recently released an analysis on hospice spending. Here are some key findings from the report:

 

In 2014, Medicare spent an average of $11,393 per hospice beneficiary.
There were 1.3 million hospice beneficiaries in 2014.
11% had a live discharge from hospice care in 2014.
In 2014, 1 in 3 beneficiaries had more than 60 days of hospice care.
13% had more than 180 days of hospice care in 2014.
South Carolina had the highest spending ($14,778) per hospice beneficiary.

 

 

Source: CMS, October 6, 2016

Drug spending growth rate declines

Between May 2015 and May 2016, the growth in spending on prescription drugs dropped to 5.2%, down from 12.2% in 2014. Source: “CSHS Health Sector Economic Indicators Briefs: July 2016 Health Sector Economic IndicatorsSM Briefs,” Altarum Institute/Center for Sustainable Health Spending, July 2016, http://altarum.org/our-work/cshs-health-sector-economic-indicators-briefs  

Health care Premium Increases and Exchange Participation

    • Premium increases in the health insurance marketplaces created under the Affordable Care Act (ACA) will likely be higher in 2017 than in recent years. Kaiser Family Foundation analysis of proposed rates in states that make the information publicly-available shows an average premium increase in the benchmark second-lowest-cost Silver plan in 17 major cities of 9% in 2017, compared to an average increase of 2% in these cities in 2016.
    • Aetna CEO Mark Bertolini announced Tuesday (Aug. 2) that while the company is pleased with its overall second-quarter results, it will not enter exchanges in additional states in 2017 as planned and is revisiting its current position in 15 states.
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