When it comes to spending on healthcare, private insurance has historically outpaced Medicare and Medicaid. This is largely due to the fact that private insurance premiums are not set by the government and can therefore increase at a faster rate. In contrast, Medicare and Medicaid spending is closely monitored and regulated by the government.
Firstly, it’s important to note that this increase in healthcare spending is not unique to 2021. In fact, healthcare has been one of the fastest-growing sectors of the US economy for years now. However, the pandemic has significantly accelerated this growth and brought the issue to the forefront of public attention.
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