U.S. Medicare reserves seen lasting three years less than prior forecast

U.S. Medicare reserves seen lasting three years less than prior forecast

The U.S. government's healthcare program for the elderly will exhaust its reserves for hospital insurance in 2026, three years earlier than last year's forecast, the Social Security and Medicare Boards of Trustees said in a report on Tuesday.

Costs to the fund will also be slightly higher than last year's estimates, "mostly due to higher-than-expected spending in 2017, legislation that increased hospital spending and higher Medicare Advantage payments", the trust fund report said.

This is the first time that's happened since the Reagan admin.

"However, certain long-term issues persist", the statement added.

The White House claims the long-running economic boom will help secure Medicare and Social Security's future. After that, the government predicts it will be able to pay 91 percent of promised benefits. Social Security and Medicare probably will never run out of money, in the sense that no Congress or president would let benefit checks be cut.

They attributed the circumstances to last year's lower-than-expected wages, revenue-cutting legislation, heightened spending and an aging US population.

As Belmont Stakes approaches, will Justify win the Triple Crown?
A legendary prognosticator and current CBS Sports expert, Goldberg couldn't have been more dead-on about the 2018 Kentucky Derby . The gelding was running 10th of 13 horses on the backstretch when his left front leg snapped, tossing Smith onto the wet dirt.

Facebook bug publicly shared the private posts of 14 million users
The company's chief privacy officer shared a very brief statement, "We'd like to apologize for this mistake". Those affected by this latest issue will receive notifications from Facebook starting Thursday.

SpaceX delays plans to send tourists around Moon, says report
The launch was, of course, the highlight of the event but the breathtaking photos that followed were the real winners. SpaceX later tweeted "Successful deployment of SES-12 to a geostationary transfer orbit confirmed".

The trustees report is considered an annual wake-up call for the beleaguered programs, though consensus around ways to secure their future remains elusive.

During the year, an estimated 174 million people had earnings covered by Social Security and paid payroll taxes on those earnings. Charles Schumer of NY, the Democratic leader.

A major reason for Social Security's long-term financial problems is a decline in the number of workers for each beneficiary. The ratio of workers to beneficiaries fell to 3.3 in 2005 and then to 2.8 in 2016.

Medicare's problems are widely seen as more hard to solve. The aging population has squeezed the program, pushing costs up and revenues down.

Additionally, President Trump's decision to end a program offering young undocumented immigrants reprieve from deportation while allowing them to work reduced anticipated tax revenue into the Social Security program. The system's costs exceeded its income in 1982, but a bipartisan compromise the following year led to additional revenue and benefit reductions.

Information for this article was contributed by Robert Pear of The New York Times, and by Ricardo Alonso-Zaldivar and Andrew Taylor of The Associated Press.

Related news:

Hot News

isis-killer-beheading-video-story-top ZTE signs preliminary agreement to lift U.S. ban
Jun 08, 2018 - 04:35
The deal will involve ZTE paying a $1bn penalty and hiring a compliance team chosen by the US, Mr Ross told CNBC . Post calculations of United States parts in the company's products would also have to be on a public website.

isis-killer-beheading-video-story-top The Crown's Claire Foy returns in Spider's Web trailer
Jun 08, 2018 - 03:39
McEnroe's Sverrir Gudnason as Mikael Blomkvist, Lakeith Stanfield , Stephen Merchant , and Headhunters' Synnøve Macody Lund .

isis-killer-beheading-video-story-top David Koch stepping away from his empire for health reasons
Jun 08, 2018 - 03:15
He added: "David has never wanted anything for himself that he hasn't earned, as his sole desire has always been to contribute". They have, however, distanced themselves from and disagreed with President Trump on a variety of issues.

isis-killer-beheading-video-story-top Real Madrid's Isco hopes Cristiano Ronaldo stays amid reports of contract dispute
Jun 08, 2018 - 03:06
And Ronaldo sees Madrid's effort to sign Neymar as their plan to replace him in the team. The former Manchester United forward is also unhappy with Zinedine Zidane's departure.

World No.1 Halep slides past Muguruza, into third RG final
Jun 08, 2018 - 02:23
Kerber again failed to serve out the set after breaking back for 6-5 as Halep forced a breaker. After 39 consecutive sets won, Nadal dropped his first set since 2015.

isis-killer-beheading-video-story-top Putin brags that he ‘regularly’ speaks to Trump on the phone
Jun 08, 2018 - 01:54
Putin mentioned seeing a German news headline declaring, " Donald Trump pushes Europe into Putin's arms". Putin said the world needed a new global security framework.

isis-killer-beheading-video-story-top Trump to Meet Trade Advisers Over $70 Billion China Offer
Jun 07, 2018 - 02:30
Other US allies have also reacted with fury and retaliation, with fears building of a global trade war. American pork producers, for whom Mexico is the largest export market, were dismayed by the move.

isis-killer-beheading-video-story-top At Guatemala volcano, time running out for rescue chances
Jun 07, 2018 - 02:26
Air Force plane was flying in today to take about a half-dozen children who suffered burns for treatment in Galveston, Texas. Among those affected by the disaster is the former police chief of Ark City who works in Guatemala for the U.S.

isis-killer-beheading-video-story-top Lava Claims 'Hundreds' More Homes on Hawaii's Big Island, Officials Say
Jun 07, 2018 - 02:11
Lava threatens homes on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., June 5, 2018. Kathy Emery, who evacuated from her 5-acre farm in Kapoho, said she doesn't know if she has a home to go back to.

isis-killer-beheading-video-story-top Pastor mauled by giant crocodile during baptismal ceremony
Jun 07, 2018 - 02:02
Members of the congregation, as well as fishermen on the lake, attempted to rescue the clergyman - an nearly impossible task. A recent shortage of fish in Ethiopia's Lake Abaya has led to more aggressive behaviour from its resident crocodiles.

Almost All of Kate Spade's Last Designs Have Sold Out
Jun 07, 2018 - 02:02
Bette Midler also shared her condolences via Twitter. "Sometimes you simply can not SAVE people from themselves!" she wrote. Kate Spade was found dead in an apparent suicide on Tuesday morning in her New York City apartment.

isis-killer-beheading-video-story-top If Miss America isn’t a beauty pageant, what is it?
Jun 06, 2018 - 11:42
The next competition won't look anything like this moment though, as the evening gown segment has also been deleted. Tuesday's announcement came after leadership changes within the Miss America Organization .

‘The Office’ actor Hugh Dane dead at 75
Jun 06, 2018 - 11:30
Over the years, Dane appeared on TV programs such as Friends , The Fresh Prince of Bel-Air, Boy Meets World , and Monk . Office costar Rainn Wilson paid tribute to Dane on social media Monday, writing, "He was one of the greats".

isis-killer-beheading-video-story-top New Bungie Game on the Way
Jun 06, 2018 - 11:24
Another location users can visit is the Tangled Shore, which is a collection of asteroids strung together by cables and bridges. This is insane news as the game has primarily only catered to guns, explosive projectiles, and other firearms.

isis-killer-beheading-video-story-top New Jersey Primary Elections: Menendez, Hugin win Senate nominations
Jun 06, 2018 - 11:21
It's the first state referendum on President Trump , whose immigration policies in particular have galvanized many Latino voters. Rosendale has GOP establishment support, but that may not be a plus for Montana Republican voters.