New Report Says Medicare Will Run Out Of Money Sooner Than Expected

Social Security now running a deficit; Medicare to hit insolvency three years earlier than projected

The United States' largest publicly funded medical insurance program will run out of money sooner than expected, according to an official projection released on Tuesday.

The trustees also annually weigh in on the solvency of Social Security, whose total cost is projected to exceed total income this year for the first time since 1982. The report by the trustees stressed that they've said before that the fund in trouble is not adequately financed over the next 10 years. This is because premium income and general revenue income are reset each year to cover the expected rise in costs.

Trustees said the trust fund for hospital expenses is not sufficiently financed over the next decade.

The combined Social Security trust funds are slated to run dry in 2034, and that will force benefits to be cut more than 20 percent.

Additionally, President Trump's decision to end a program offering young undocumented immigrants reprieve from deportation while allowing them to work reduced anticipated tax revenue into the Social Security program. The aging population has squeezed the program, pushing costs up and revenues down.

During 2017, 174 million people had earnings covered by Social Security and paid payroll taxes.

Microsoft sinks deep sea data centre off Orkney
An undersea fibre-optic cable brings power to the data centre and transfers data to the shore and web users. The data centre's power can also be compared to as much as thousands of high-end desktop PCs.

The Social Security Disability Insurance Trust Fund was projected to have sufficient funds until 2032, four years later than forecast last year.

"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".

The government can fix the problem by slashing benefits, raising taxes or a combination of the two. Medicare spent $710 billion in 2017, according to the report, making it the single biggest purchaser of health services in the U.S. The trustees include Treasury Secretary Steven Mnuchin and Health and Human Services Secretary Alex Azar.

Cubanski said that the Trump administration's effort to repeal the Affordable Care Act's mandate that requires almost everyone be insured is one factor that will lead to higher Medicare hospital fund spending.

Democrats, meanwhile, want to extend the social safety net by spending more on health care and education.

More than 60 million Americans benefit from both programs, which provide a guaranteed income and healthcare for many retirees and the disabled.

Related news:

Hot News

isis-killer-beheading-video-story-top LeBron James to Los Angeles Lakers?
Jun 09, 2018 - 10:08
It was James' 12th 30-point game this postseason, including fourth in his last five games. With free agency set to begin on July 1, we should soon have our answer shortly.

isis-killer-beheading-video-story-top Jeep reveals India-bound Renegade SUV ahead of Turin Motor Show
Jun 08, 2018 - 04:03
Renegade, which include a turbocharged 1.4-liter, good for 160 hp, and a naturally aspirated 2.4 liter producing 180 hp. At the back, the Renegade's tail-lights get slightly reprofiled, making them look fresher than the outgoing model.

isis-killer-beheading-video-story-top Putin Tells Europe on US Trade Threat: 'I Told You So'
Jun 08, 2018 - 03:35
He added, however, that he could pull them out of the country quickly if necessary. "Utter idiocy. You can't describe this as anything other than a joke".

isis-killer-beheading-video-story-top Kevin Durant Plans to Re-Sign With Golden State Warriors
Jun 08, 2018 - 02:18
Cleveland took a lead on two free throws by Kevin Love with 3:11 to play, but the team played like it was out of gas from there. But I think having guys that get so excited about a good play, a good block or a good rotation or a good shot or dagger shot.

isis-killer-beheading-video-story-top Autopilot sped up before fatal Tesla Model X crash
Jun 08, 2018 - 02:04
While following a lead vehicle the Tesla began a left steering movement, seven seconds before the crash. At 8 seconds before the crash, the Model X was following a lead vehicle at about 65 miles per hour .

isis-killer-beheading-video-story-top Top fashion awards honor Raf Simons, Supreme - 6/4/2018 10:00:32 PM
Jun 08, 2018 - 01:57
A special CFDA Members' Salute went to Ralph Lauren, who is celebrating 50 years in business. The 2018 edition of the CFDA was an eventful one and had a couple of surprises in store.

isis-killer-beheading-video-story-top Ryan Gosling & Donald Glover Shortlisted to Play Willy Wonka
Jun 08, 2018 - 01:20
Donald Glover , 34, is reportedly up for a role starring as the legendary candy maker. Time is a precious thing - and so is the much vaunted role of Willy Wonka .

isis-killer-beheading-video-story-top Halep humbles Mertens to enter quarterfinals
Jun 07, 2018 - 02:06
Halep, a finalist a year ago , will play Angelique Kerber in the last eight after the German downed home favourite Caroline Garcia.

isis-killer-beheading-video-story-top Truex pulls away on final restart to win at Pocono Raceway
Jun 07, 2018 - 02:04
Besides Pocono, NASCAR plans to use the package for the Xfinity races at MI next week and Indianapolis in September. Drivers had two practice sessions Friday at Pocono to see how their cars performed with the package.

Kate Spade's sister says designer's death 'not unexpected by me'
Jun 07, 2018 - 01:30
Her death prompted an outpouring of grief among fans and her company's customers, including Chelsea Clinton and Ivanka Trump . Bryce Dallas Howard, who served as a brand ambassador for Kate Spade in 2011, described how she was inspired by Spade.

isis-killer-beheading-video-story-top 'Tetris' is coming to PSVR as 'Tetris Effect' and here's a trailer
Jun 07, 2018 - 00:59
Fan-favorite modes like Marathon, Sprint, and Ultra, with more all-new modes and other features to be revealed before launch. Tetris Effect doesn't have an official release date at this time, but it is now slated to launch sometime this Fall.

isis-killer-beheading-video-story-top Jared Leto's Joker to get his own movie
Jun 06, 2018 - 13:07
As for Joaquin Phoenix taking on the Clown Prince of Crime with Todd Phillips and Martin Scorsese , that remains a mystery. The plan is for Warner Bros.to build out the world that it created with Suicide Squad .

isis-killer-beheading-video-story-top Annual Pass, release date and new trailer reveal
Jun 06, 2018 - 13:03
This will cost another $35 and include new activities, end-game content, weapons, armor, and other gear plus exclusive rewards. An all new weapon system will also shift how you play Destiny 2 , allowing players to customize and create their own loadouts.

isis-killer-beheading-video-story-top Primary ballots mailed; unaffiliated voters to participate for first time
Jun 06, 2018 - 11:44
She will face former Democrat Bobby Bright in Alabama's conservative 2nd district - where Trump loyalty has been a central issue. Senate , there could be a contest between two Democrats in November for the second consecutive time: incumbent front-runner Sen.

isis-killer-beheading-video-story-top Woman drives on field during Little League game
Jun 06, 2018 - 11:33
Coincidentally, Parkhurst, a Vietnam War veteran, confessed five years ago to killing a 4-year-old girl in a 1968 hit-and-run. The driver, Carol Sharrow, drove across a Little League field and struck Parkhurst who was near the main gate of the field.