HHS released its 2016 Actuarial Report which delves how much money the government spent on the program in 2016.
Note: The findings from this report are 2016 estimates.
Here are nine key points:
1. In 2016, Medicare expenditures totaled $575.9 billion. Of this figure, federal government spending constituted 63 percent with states spending the remaining 37 percent.
2. Year-over-year, 2016 federal expenditures jumped 4.5 percent, hitting $363.4 billion. State Medicaid expenditures totaled $212.5 billion, a 3.8 percent increase from 2015.
3. In 2016, average Medicaid enrollment hit 72.2 million, a 3.1 percent jump. Of this figure, the majority of growth came from newly eligible adults.
4. HHS expects expenditures will increase at a 5.7 percent average annual rate through 2025. By 2025, expenditures will likely total $957.5 billion.
5. The report expects enrollment to hit 81.6 million in 2025.
6. In 2016, estimates say expanded Medicaid eligibility covered 11.2 million adult enrollees.
7. The cost per enrollment fell from 2015 to 2016. Last year, this figure totaled $5,926, a drop from $6,365 in 2015.
8. From 2015 to 2024, total projected Medicaid expenditures for benefits and administrative costs will fall by 2 percent, or by $142 billion.
9. Over that time period, the annual per enrollment costs are expected to increase 4.2 percent.