For the most part, Tuesday's
CMS report predicted modest growth in health spending until 2021 at an
average rate of 5.7 percent per year, or 0.9 percent faster than the
Those figures represent a deceleration since the last decade, when health spending grew 6.8 percent annually, Reuters reported.
The jump in 2014 will take place when the health law's Medicaid expansion and new state insurance exchanges are set in motion.
Overall, spending is expected to reach 19.6 percent of the U.S. economy — a 1.7 percent bump from its current share — by 2021. The reports' authors attributed this increase to the health law's Medicaid expansion, its premium and cost-sharing subsidies for insurance exchange plans and rising enrollment in Medicare as the baby boom generation ages.
The Ways and Means GOP said that the report confirms "ObamaCare" critics' worst fears.
"The Obama administration’s own actuaries reaffirmed a reality that so many other reports have already warned about," the memo stated. "Because of the Democrats’ healthcare law, healthcare spending will go up, employers will drop health coverage and the government will control a greater portion of our healthcare system."
In a blog post, Health and Human Services Secretary Kathleen SebeliusKathleen SebeliusLeaked email: Podesta pushed Tom Steyer for Obama’s Cabinet Romney: Trump victory 'very possible' Fighting for assisted living facilities MORE praised the health law for expanding coverage and controlling costs.
"The healthcare law has contributed to these results and will continue to help move us forward," she wrote on Tuesday. "We’re rooting out fraud and abuse … We have implemented policies to hold insurance companies accountable. And we’re investing in primary care and prevention."
House GOP blasts Obama health law over spending projections
By Elise Viebeck - 06/13/12 02:56 PM EDT