Medicare and Social Security Trustees Report
For years there has been talk about the pending insolvency of Medicare, the nation’s largest health insurer, as 78 million baby boomers reach retirement age.
On March 25, 2008, trustees of both Medicare and Social Security issued a statement about the “enormous challenges” to maintaining Medicare’s solvency in the future. The annual analysis predicted Medicare funds that pay hospital benefits will be depleted by 2019 and Social Security funds will be exhausted by 2041. The dates are the same as last year, but as the aging population increases, this becomes more imminent than ever. As of 2008, Medicare is expected to pay out more than it receives in income. The trustees stated “The sooner these challenges are addressed, the more varied and less disruptive their solutions can be.”
The Medicare, Medicaid and SCHIP Extension Act of 2007 is just one of the many efforts being put forth to help secure Medicare’s future. Extending MSAs and reporting requirements for all settlements involving Medicare beneficiaries will help keep Medicare afloat during the crisis that is sure to surface over the next 20 years.
Keep up with our blog to track other legislative efforts and press releases about the future of Medicare and Social Security.
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