Health Care Spending Reaches 17% of GDP in 2022

(Arkansas Business)

The cost of health care in the United States is among the highest in the world, the Peter G. Peterson Foundation noted in a Jan. 3 report.

In 2022, U.S. health care spending hit $4.5 trillion, averaging $13,493 per person. The average cost of health care per person in other wealthy nations is less than half that, the report said.

Health care costs are also accounting for a greater share of the U.S. economy, increasing from 5% of gross domestic product in 1962 to 17% in 2022, the foundation said.