Medicare Trustees Predict Fund Exhausted by 2031

The president’s proposed budget would protect it, HHS Secretary says

The Hospital Trustee Fund, which pays for patient care and hospital stays for senior citizens, will be exhausted in 2031, the program’s trustees projected. Slow economic growth has also called into question the financial health of Social Security, where benefits will be depleted in 2033. 

“Social Security and Medicare are two bedrock programs that older Americans rely upon for their retirement security,” Treasury Secretary Janet Yellen said. “The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed.” 

The exact timeline has become a concern for Congress. 

Under the new budget proposal for fiscal 2024 submitted by President Biden, the program would remain solvent for 25 years without cutting any of its benefits, Secretary Xavier Becerra of the Health and Human Services Department says. 

“The president has made his position clear: we will do everything we can to strengthen Medicare for the 65 million beneficiaries today and millions more in the years to come,” Secretary Becerra said. “Medicare is part of the fabric of this nation — now and for future generations who will count on it. We call on Congress to join the President’s fight and work with us to deliver on this commitment for the American people.” 

As the Lord Leads, Pray with Us…

  • For members of Congress as they address the solvency of these social programs. 
  • For the trustees charged with administering both Medicare and Social Security. 
  • For the president and administration officials as they work with Congress to fund these programs.

Sources: Washington Examiner, New York Times


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