Government Spending on Health Care Assistance Tops $700 Billion

According to the Congressional Budget Office, the federal government spends about $705 billion on tax breaks and health coverage subsidies each year for the 273 million people under the age of 65. This means that per average resident under age 65 there is $2,582 in federal health coverage subsidies per year.

Of this total $705 billion, about $82 billion will go to people who are under age 65 and also qualify for Medicare. About $49 billion will go to premium tax credits with the Affordable Care Act, while another $4 billion is allowed for the ACA’s Basic Health Program.

These findings were published in Think Advisor on May 24, 2018.