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Medicare is Going Broke Three Years Sooner
This blog post: https://retiredguyusa.com/medicare-going-broke-three-years-sooner/
SSA (Social Security Administration) finds that Medicare is going broke three years sooner than expected. The Trustees for Social Security and Medicare just issued their yearly report on the OASDI (Old-Age, Survivors and Disability Insurance Trust Funds).
The Trust Fund for Medicare Part A covers hospital and nursing home costs for seniors. It is now projected to run dry by 2026. This is three years earlier than last year’s Trustee projection. Accordingly, the Program would only be able to pay out about 91% of promised benefits. Therefore, health care providers, hospitals, and nursing homes would see their fee income cut below contract levels.
For the first time since 1982, Social Security’s payout will exceed its payroll income plus interest from the Trust Funds. That means it has to start drawing down Fund principal to continue paying the full promised benefits. The Trust Fund reserves are still expected to run out in 2034, which is the same time noted in the last Trustee report. If nothing changes, the Program will have to cut benefits to many retirees.
2018 Annual Report https://www.ssa.gov/oact/TRSUM/index.html
https://www.medicare.gov/ Medicare
Do you believe Medicare will be here for you? Does the Tooth Fairy still leave you money when you lose a tooth?
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
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I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or ask your mom!
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/
View all episodes
This blog post: https://retiredguyusa.com/medicare-going-broke-three-years-sooner/
SSA (Social Security Administration) finds that Medicare is going broke three years sooner than expected. The Trustees for Social Security and Medicare just issued their yearly report on the OASDI (Old-Age, Survivors and Disability Insurance Trust Funds).
The Trust Fund for Medicare Part A covers hospital and nursing home costs for seniors. It is now projected to run dry by 2026. This is three years earlier than last year’s Trustee projection. Accordingly, the Program would only be able to pay out about 91% of promised benefits. Therefore, health care providers, hospitals, and nursing homes would see their fee income cut below contract levels.
For the first time since 1982, Social Security’s payout will exceed its payroll income plus interest from the Trust Funds. That means it has to start drawing down Fund principal to continue paying the full promised benefits. The Trust Fund reserves are still expected to run out in 2034, which is the same time noted in the last Trustee report. If nothing changes, the Program will have to cut benefits to many retirees.
2018 Annual Report https://www.ssa.gov/oact/TRSUM/index.html
https://www.medicare.gov/ Medicare
Do you believe Medicare will be here for you? Does the Tooth Fairy still leave you money when you lose a tooth?
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
--------------------
I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or ask your mom!
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/