Tuesday, 23 October, 2018

Medicare will become insolvent in 2026 - three years sooner than expected

Medicare and Social Security Finances Worsened Last Year Social Security now running a deficit; Medicare to hit insolvency three years earlier than projected
Ben Pena | 06 June, 2018, 22:44

Medicare will run out of money sooner than expected, and Social Security's financial problems can't be ignored either, the government said Tuesday in a sobering checkup on programs vital to the middle class. The report from program trustees says Medicare will become insolvent in 2026 - three years earlier than previously forecast.

Social Security this year will spend more than it takes in, the program's trustees said in a new report Tuesday that signals the official beginning of the program's slide into insolvency.

Medicare's trust fund pays for hospital visits, nursing care and related services under what's known as Part A of the program, which was created in 1965.

So far that does not appear to have happened, to judge from the annual report of the trustees of Social Security and Medicare, a group that includes three Trump cabinet officers. Medicare provides health insurance for about 60 million people, most of whom are age 65 or older.

Both the cost-of-living increase and the Medicare outpatient premium are not officially determined until later in the year, and the initial projections can change.

The report says Social Security will become insolvent in 2034.Unless lawmakers act, both programs face the prospect of being unable to cover the full cost of promised benefits.

IHOP Is Changing Its Name To ‘IHOb’ & People Are Super Confused
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Social Security covers 62 million people, split among retired workers and their dependents, survivors of workers who've died and disabled people.

"The programs remain secure", he said, adding: "The administration's economic agenda - tax cuts, regulatory reform, and improved trade agreements - will generate the long-term growth needed to help secure these programs and lead them to a more stable path".

Rather than cutting benefits, the Democratic-leaning Social Security Works coalition supports expanding benefits as a solution to the nation's looming retirement crisis by asking the wealthy to contribute more. The program's trustees said the shortfall trend could worsen in the decades to come.

Medicare Part A's trust fund is funded through payroll taxes, split between employer and employee.

"With modest legislated increases in revenue, Social Security will be able to pay all scheduled benefits for the foreseeable future", the nonprofit organization said in a background report issued in advance of the trustees' report.

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