Although overall federal spending on health care is expected to soar in coming decades, cost-control measures in the Patient Protection and Affordable Care Act will help reduce the rate of growth, according to a report from the Congressional Budget Office.

Total spending on Medicare, Medicaid, the Children's Health Insurance Program and PPACA insurance subsidies is expected to rise because of a growing elderly population, more people gaining insurance coverage and the cost of new medical technologies. However, federal health-care spending is expected to be equal to 8 percent of GDP by 2039, down from a projection last year of 8.1 percent. The savings would amount to $250 billion in today's dollars.

"The projections incorporate the reductions in Medicare's payment to physicians scheduled for 2015 and reductions in Medicare spending specified in the Budget Control Act of 2011, as amended, for 2015 through 2024," according to the report. After that year, CBO expects Medicare to continue to pay benefits according to current law.