It has been reported that over the next decade, expenditure on health care will grow faster than the overall economic growth of the nation with aging of the population and gain of insurance coverage by more people under Obamacare.

According to actuaries at the Centers for Medicare and Medicaid Services, payments for doctors, hospitals, drugs and insurance will increase by nearly 5.8% a year through 2024 i. e. 1.1% points faster than economic growth of the nation. Health spending will be responsible for 19.6% of gross domestic product in 2024. It increased from 17.7%last year.

As per reports, the increased health spending has come as a change from the past few years, when the recession and its consequences kept growth nearly lined up with the economy. According to the report, it's still slower than in the past 30 years prior to the economic downturn, when it increased at approximately 9% a year.

According to Sean Keehan, a CMS economist, "There are some long-lasting factors that will most likely keep growth in health spending modest, even with a greater amount of the population insured".

As per reports, most of the spending growth is a result of gain of insurance through the Patient Protection and Affordable Care Act by millions of people. It is estimated that the insured share of the population will increase from 86% in 2013 to 92.4% by 2024.

Simultaneously, the nation is aging. It is expected that the number of Medicare beneficiaries will reach 70.3 million by 2024 from 54.5 million this year, whereas the number of Medicaid members will be 78.1 million, increasing from 70.5 million.