An annual report on Social Security and Medicare says the financial safety nets millions of older Americans rely on and millions more young people are counting on will run short on funds to pay full benefits within the next decade.
FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. Social Security and Medicare, the financial safety nets millions of older Americans rely on and millions of young people are counting on, will run short on funds to pay full benefits within the next decade, a new annual report released Friday warns.
FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. Social Security and Medicare, the financial safety nets millions of older Americans rely on and millions of young people are counting on, will run short on funds to pay full benefits within the next decade, a new annual report released Friday warns.
WASHINGTON — The financial safety nets millions of older Americans rely on — and millions more young people are counting on — will run short of money to pay full benefits within the next decade, the annual Social Security and MedicareMedicare, the government-sponsored health insurance that covers 65 million older and disabled people, will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031, the report forecast.
, which are only expected to get more expensive in the coming years as more Americans age into eligibility for them. “The Trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,” said Kilolo Kijakazi,Friday’s report is a mix of good and bad news: The forecasted go-broke date for Medicare was moved back three years —
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