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U.S. healthcare costs in 2015 were 16.9% GDP according to the OECD, over 5% GDP higher than the next most expensive OECD country. [2] With U.S. GDP of $19 trillion, healthcare costs were about $3.2 trillion, or about $10,000 per person in a country of 320 million people.
Beginning in 1980, U.S. health care spending was 8.2% of its gross domestic product (GDP); the U.K. had the lowest spending at 5.1%. By 2020, U.S. spending had climbed to a high of 18.6%.
The Centers for Medicare and Medicaid (CMS) reported that U.S. health care costs rose to 17.8% GDP in 2015, up from 17.4% in 2014. Increases were driven by the coverage expansion that began in 2014 as a result of the Affordable Care Act (i.e., more persons demanding healthcare or more healthcare units consumed) as well as higher healthcare prices per unit.
US healthcare expenditure as share of GDP, 1929–2013 [120] Though the U.S. healthcare system tends to produce more innovation, it has a lower level of regulation, and almost every form of its healthcare costs more than other high-income countries.
The U.S. did see a bump in health care spending in 2020, but by 2022, it represented a similar share of the GDP as it did before the pandemic, according to the KFF Health System Tracker.
Connecticut. Healthcare cost of living score: 118.6. Average cost of healthcare: $13,249.99. Discover Next: Here’s the Income Needed To Be in the Top 1% in All 50 States. Davel5957 / Getty Images.
Health care cost as percent of GDP (total economy of a nation). [1] [2] Life expectancy vs healthcare spending of rich OECD countries.US average of $10,447 in 2018. [3]This article includes 2 lists of countries of the world and their total expenditure on health as a percent of gross domestic product (GDP).
For example, total U.S. health expenditures steadily increased as a share of gross domestic product (GDP), demonstrating the increased importance that society placed on health care relative to other non-health goods and services. Between 1960 and 2013, health spending as a share of GDP increased from 5.0 to 17.4 percent.