Medicare and Medicaid Spending Continue to Surge/Oldest Baby Boomers Hit 65+ Years of Age

The term “Baby Boomer” generally refers to people born from 1946 to 1964. The phrase evolved to include the children of soldiers and war industry workers who were involved in World War II. When those veterans and workers returned to civilian life, they started or added to families in large numbers. As a result, the Baby Boom generation, at one time as large as 78 million, is one of the largest demographic segments in U.S. history.

Medicare: Today, roughly millions of Americans reach traditional retirement age (65) yearly, which is also the age that Medicare coverage kicks in for a typical retiree, subject to meeting eligibility rules. The increased load on Medicare is immense. At the same time, this surging senior population will put a greater strain on virtually all sectors of the health care system. Medicare enrollment in 2024 was estimated by the U.S. Centers for Medicare and Medicaid Services to be 68 million compared to only 47.4 million in 2010. Total expenditures on Medicare patient care were nearing $1.08 trillion in 2024.

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Medicare and Medicaid Spending Continue to Surge/Oldest Baby Boomers Hit 65+ Years of Age, Business and Industry Trends Analysis

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