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techkenyot.com September 24, 2018


Medicare Funding To Run Out 3 Years Earlier

08 June 2018, 02:25 | Silvia Roy

Medicare Funding To Run Out 3 Years Earlier

Medicare Funding To Run Out 3 Years Earlier

Medicare's main trust fund will also run out of money sooner than anticipated, with insolvency looming in 2026, or three years earlier than last year's projection, the trustees said.

The House Ways and Means Social Security Subcommittee plans to hold a hearing Thursday to examine Social Security's solvency, and will focus on findings of the 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, which is due out this week.

"However, certain long-term issues persist", the statement added.

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Mnuchin vowed that the Trump administration's efforts to cut taxes, ease federal regulations and improve trade deals would help both Medicare and Social Security survive over the long term.

In principle, the U.S.is supposed to be paying forward its Social Security and Medicare obligations by building up trust funds to cover future costs.

While the boost is welcome news, retirees continue to experience spikes in common household expenditures that are growing several times faster than 3%, the League reports.

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"As in past years, the trustees have determined that the fund is not adequately financed over the next 10 years", the report said, citing in part lower payroll taxes collected on lowered wages in 2017 and rising hospital spending. "Lack-luster economic growth in previous years, coupled with an aging population, has contributed to the projected shortages for both Social Security and Medicare". Last year's Republican tax cuts also reduced projected revenue from taxes on Social Security benefits. Charles Schumer of NY, the Democratic leader. "Now is the time Congress should prepare for the future, not by threatening workers' benefits, but by expanding Social Security". Medicare is widely seen as a more hard problem that goes beyond the growing number of baby boomers retiring. The number of Medicare beneficiaries is expected to surge to 89 million in 2040 from 60 million today, according to Medicare actuaries.

Social Security recipients are likely to see a cost of living increase of about 2.4 percent next year, working out to roughly $31 a month, government experts said.

Two other Medicare funds - Part B, which covers doctor and outpatient visits and Part D, which covers prescription drugs - are reset each year based on projected costs.

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