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Data: Centers for Medicare & Medicaid Services and CIA World FactBook; Note: All values adjusted for inflation as of 2018; Chart: Harry Stevens/Axios

Americans spent $3.65 trillion on health care in 2018, according to new preliminary estimates from independent federal actuaries. That total is about the same size as Spain and Canada's entire economies — combined.

Why it matters: U.S. health spending last year was 4.4% higher than in 2017, a rate that is still growing faster than the broader economy — which means more money is being taken out of people's paychecks to pay for a system that continues to worry and frustrate patients.

By the numbers: That $3.65 trillion health care tab last year translates to $11,121 per person.

  • Spending on hospitals, doctors and other clinic services was $2.16 billion, holding steady at 59% of total health care spending.
  • The spending category that experienced the largest year-over-year increase was the general cost of administering health insurance, which rose 7.7% in 2018.
  • Spending on prescription drugs purchased in retail pharmacies went up 3.3% in 2018, higher than the 0.4% rate in 2017.
  • A majority of the bigger spending totals were due to higher overall prices, while the "use and intensity" of health care services played a smaller role.

Three main conduits pay for health care services: Medicare, Medicaid and private health insurance.

  • Private health insurance continues to fare the worst on controlling costs. Per-person spending among the privately insured rose 4.5% in 2018 despite the fact enrollment in private plans stayed flat.
  • Per-person spending in Medicaid and Medicare increased 1.1% and 3.1%, respectively, last year. Those government programs pay lower provider rates than private insurers.

Go deeper

Updated 53 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 33,137,748 — Total deaths: 998,372 — Total recoveries: 22,952,164Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 7,116,456 — Total deaths: 204,762 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
  4. Health: The childless vaccine. The long-term pain of the mental health pandemic
  5. World: India the second country after U.S. to hit 6 million cases
Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Big Tech's share of the S&P 500 reached record level in August

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Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.

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