Charity advocates are predicting a record $1 trillion annual impact on charity care in the coming years as more Americans find themselves unable to afford their medical care and the economy stagnates.
The U.S. Conference of Mayors and other organizations are already forecasting a $4 trillion annual benefit from the Affordable Care Act, which is expected to be enacted in March, according to a report released Thursday by the National Association of Mayor Associations.
In addition to the impact on the economy, there are many more health-related risks, said Jim DeMaria, president of the national charity group.
He cited a growing number of people who are dying from preventable causes like asthma, heart disease, stroke and cancer.
The report found that the number of Americans who would receive a federal subsidy for a private health plan increased more than 50 percent between 2012 and 2022.
That was more than double the rise in people receiving the tax credits in 2013.
Meanwhile, the number who would lose their health coverage rose almost 20 percent.
The health care industry’s ability to recruit and retain physicians has also suffered, with fewer doctors, nurse practitioners and hospital nurses to meet the demand for care.
Many charities are already preparing for the impact, including the National Alliance for the Mentally Ill, which says it expects to see $4.2 trillion in charitable donations and benefits in 2019.
It’s expected that the average cost of care in 2019 will be $1,300 per person, according a statement.
A charity can also spend more money on other charitable activities, like its programs to fight poverty, to provide emergency services or to care for children.
The group is preparing for another $2.7 trillion in financial benefit in 2019, including $3.4 trillion in tax credits, and expects to make another $1.7 billion in tax revenue, including nearly $1 billion in charitable contributions.
The average annual income for Americans receiving tax credits this year was $54,879, according the group.