Medicare Financial Outlook Worsened Last Year

I just read a discouraging New York Times article by Robert Pear regarding Medicare’s financial outlook. However it is information we need to know. Even though not the best of news, I felt it is important to share so you can act by contacting your congressman or possibly later voting accordingly for representatives that will help protect both Medicare's and Social Security’s financial outlooks, as well as current benefits.

Some bullet point take-aways:

  • Medicare's hospital insurance fund will be depleted in 2026, according to the trustees who oversee the program in an annual report. (That is three years earlier than projected last year!)

  • The report said the less favorable outlook for Medicare’s hospital trust fund resulted from “adverse changes” in program income and costs. Income to the Medicare fund is expected to be lower than estimated last year because of “lower payroll taxes attributable to lowered wages in 2017 and lower levels of projected gross domestic product,” the Treasury said in a “fact sheet” accompanying the report.1

  • At the same time, it said, outlays from Medicare’s hospital trust fund “are expected to be higher than last year’s estimates due to higher-than-anticipated spending in 2017, legislation that increases hospital spending,” and higher payments to private Medicare Advantage plans.1

To read the entire article, click on the web link below:

For another article on same subject with some additional information from The Associated Press click below:

1. Source: The New York Times article by Robert Pear dated June 5, 2018

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