Slowing Noted in Medicare Spending
The rapid escalation of Medicare spending may be slowing down, the Health Care Financing Administration said Friday.
The health insurance program for the aged and disabled spent $33.6 billion in the first three months of this year. That was 7.85% more than it spent in the same period last year, but in the previous quarter, Medicare payments rose 11.4%.
In fiscal 1992, the growth rate was even higher--13.4%.
The figures “offer some basis for optimism that Medicare spending is slowing,” agency administrator Bruce C. Vladeck said.
The program pays hospital and doctor bills for 36 million Americans.
The separate Medicaid program for the poor saw its budget climb more than 30% last year.
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