Total spending on federal healthcare programs is projected to nearly double over the next decade, according to a report from the Congressional Budget Office.
Four things to know:
1. Medicare spending is projected to rise from $835 billion this year to $1.7 trillion in 2030
2. Medicaid spending is expected to increase from $425 billion in 2020 to $732 billion in 2030.
3. In 2020, spending on federal health programs is expected to total $1.3 trillion. That number is projected to rise to $2.5 trillion in 2030.
4. The increase in spending over the next 10 years is largely attributable to an increasing number of Medicare beneficiaries. The number of people in the U.S. age 65 or older is now more than twice what it was 50 years ago, and that number is expected to continue to rise.