For some of us not yet into the Medicare and Social Security issues, all of it seems complicated. Apparently, it's also going to become more expensive as well. According to many articles written this year, the powers that be, have determined that at least Part A will run out of money around 2017. The government has promised that this will not destroy Medicare, but will require that seniors pay more per month out of their Social Security checks to pay for it. This, on top of the supplemental insurance that we will need to take care of what Medicare does not cover.
If that isn't bad enough, Social Security is predicted to be in serious trouble by the year 2037.
Both of these programs together make up about one third of the federal budget, which is already stretched beyond belief.
My question is, "If we are already in trouble funding Medicare and Social Security, how could we possibly fund a new health care program that would conceivably cost billions?"
(From the Examiner.Com Cleveland June 17, 2009)
On May 12, 2009 the Board of Trustees of Medicare sent their annual report to Congress. This report projects that the trust fund for Medicare Part A is not adequately financed for its needs over the next decade.
Citing the poor economic conditions and lower payroll tax income, the Trustees now project that the funds for Medicare Part A will run out in 2017, two years earlier than originally projected.