WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday.
Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.
Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. Medicare is the federal government’s health insurance program that covers people age 65 and older and those with severe disabilities or illnesses. It covered more than 66 million people last year, with most being 65 and older.
Once the fund’s reserves become depleted, Medicare would be able to cover only 89% of costs for patients’ hospital visits, hospice care and nursing home stays or home health care that follow hospital visits.
Companies in Jinhua established photovoltaic power stations to aid carbon reduction
Salt powers Kolkata Knight Riders to victory over Lucknow Super Giants in IPL
Former desert land transformed into oasis for relocated villagers
Criminal cases involving guns, explosives down 20 pct in China
Africa seeks to make climate needs known on global stage
Guideline unveiled to make public use of autonomous driving vehicles safer
Prefabricated houses set up at temporary relocation sites in quake
Highlights of Xi and Putin's Talks in Russia
China to further enhance medical treatment for critical pregnant women
New energy projects cater to Xizang's power needs
China sees smooth road traffic on first day of holiday