Medicaid spending expected to rise by 5.6% this fiscal year

Share this article:

Medicaid spending is expected to expand by 5.6% for fiscal 2005, despite a projected drop in the federal budget deficit for the same time period. Spending for the program is expected to rise to $186 billion in fiscal 2005 compared to $176 billion in 2004, according to the Congressional Budget Office.

Similarly, Medicare spending should increase by 9.4%, to $325 billion, for fiscal 2005, from $297 billion in fiscal 2004, CBO said this week.

Medicaid and Medicare funding combined cover about 75% of all nursing home patients in America. Medicaid spending is estimated to skyrocket to $392 billion in 2015, an increase of 123% compared to 2004.

The deficit is projected to decrease to $368 billion in fiscal 2005. That compares to a deficit of $412 billion in fiscal 2004. The $368 billion, however, does not factor in spending for the conflicts in Iraq and Afghanistan.

Share this article:

More in News

Skilled nursing facility trends contribute to improved Medicare outlook, Congressional report says

The Medicare trust fund is on track to remain solvent until 2030, trustees of the program stated in a Congressional report released Monday. This improved outlook is due in part to revised expectations about the case mix in skilled nursing facilities.

House bill would define, promote coordinated long-term care services

A bill introduced in the House of Representatives would target improved care coordination for seniors, also adding it under the Older Americans Act.

Seize the day: Tech Awards deadline is tomorrow

Seize the day: Tech Awards deadline is tomorrow

The final countdown has begun: Long-term care providers have less than 48 hours to enter the third annual McKnight's Excellence in Technology Awards. Submissions will be accepted through July 30.