The health insurance industry is up more than $8 billion this year and a third of it was for health care.
It’s also growing faster than ever.
The total number of medical bills is expected to reach $20 trillion this year, the National Association of Insurance Commissioners said in a report released Thursday.
There’s a lot of uncertainty about what will happen to all those medical bills and it’s not clear how they’re going to be handled.
That’s especially true because most of them are for people who are insured through the government-run Medicare program, which pays for care for seniors.
There are also the millions of people who buy coverage through private insurance plans, including the cost of hospitalization.
All told, there are $5.4 trillion in medical bills this year for people 65 and older.
The average cost is about $5,500 per year.
It could go much higher if the government doesn’t expand Medicaid, which provides health care coverage to people who make up to 138 percent of the federal poverty level.
It would also be an even bigger burden on those who get Medicaid through the federal Temporary Assistance for Needy Families program, where they get help paying for medical expenses.
That is also projected to increase $8 trillion over the next 10 years.
Health care is one of the top items on Americans’ shopping lists.
The annual average cost of medical care for a single adult is about 1,300 percent of income.
The latest National Health Expenditure Survey showed that health care spending increased $2,827 on average in the fourth quarter of this year compared with the same period a year earlier.
That increase comes as Americans are taking on more work.
The economy has also grown faster than expected in the first three months of this fiscal year, which was the first time the growth rate has been below the 3 percent rate of the previous five years.
The unemployment rate fell to 4.9 percent in the latest National Household Survey and the labor force participation rate hit its highest level since the Great Recession ended in December 2009.
This month’s economic data is expected in November.