Medicare Funding:
Medicare Projected to Go Broke in 2024, Trustees' Report Says
Published on Tue May 15, 2012
Part A is poised to run out of money -- and although safe for now, Part B could be at risk, report indicates. If you're looking for a scary read, forget about Stephen King novels -- go straight to the new Medicare Trustees' Report, which was released on April 23 and indicates that Medicare Part A is set to remain solvent for only another 12 years. Part A spending is growing faster than taxes are coming in to pay for the program, and the Part A coffers will be empty by 2024 unless the government takes action, according to the "2012 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds." Part B and Part D accounts "are adequately financed under current law, since premium and general revenue income are reset each year to match the expected costs," the report notes. "Such financing, [...]