It is a widespread belief that the aging baby boomer generation is going to break the bank when it comes to medical costs. But while it is true that the elderly on average have greater healthcare needs than younger people, it is not where the bulk of the money goes. There are mainly two factors that make the American healthcare system the costliest in the world. One is that prices of medical and administrative services as well as drugs and devices have risen astronomically over the last decade or so. The other is that treating patients with chronic diseases like diabetes and heart disease is expensive, no matter what their age is.
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