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

Health and Human Services Secretary Alex Azar is one of the trustees overseeing Medicare

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.

Apple Unveils New OS with Upgraded Privacy Features
Additionally, Apple is making fingerprinting - the ability for trackers to identify specific devices - much harder. Siri will also suggest that users turn off some notifications if the user hasn't opened the app in a while.

Messi, Aguero train with Argentina ahead of FIFA World Cup 2018
The most important thing is we can play as a team. "We are not candidates but we are very good, training and improving day by day. During qualification, Argentina tried three different coaches who used a number of different players.

New Jersey Primary Elections: Menendez, Hugin win Senate nominations
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.

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 Turkey hold Russia in the last World Cup warm-up match
Jun 08, 2018 - 03:04
Russian Federation now have five wins, six draws and nine defeats since Cherchesov took over in August 2016. Petersburg Stadium on June 15.

isis-killer-beheading-video-story-top As Belmont Stakes approaches, will Justify win the Triple Crown?
Jun 08, 2018 - 03:00
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.

isis-killer-beheading-video-story-top Upgraded U.S. Open App Features Greater Player Tracking, Real-Time Highlights - Southampton
Jun 08, 2018 - 02:38
Senior Open victor Gene Sauers of Savannah finished as second alternate at 1-over 145 (73-72). The USGA held back six spots for those who crack the top 60 in the world next week.

isis-killer-beheading-video-story-top NASA’s Curiosity rover finds organic matter on Mars
Jun 08, 2018 - 02:27
It had to stop analysing samples on the Red Planet after a mechanical problem took the rover drill offline in December 2016. It was to a great fanfare of publicity that researchers announced they had found evidence for past life on Mars in 1996.

isis-killer-beheading-video-story-top 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 Harry and Meghan ‘to have Great Tew home’
Jun 07, 2018 - 02:17
Rafferty gushed about seeing the now Duchess of Sussex walk down in the aisle in her custom Givenchy wedding gown. Daughters born to Prince Harry and Meghan, Duchess Of Sussex will not inherit their title, it has emerged.

isis-killer-beheading-video-story-top It's all true: Sharapova hits back at Serena claim
Jun 07, 2018 - 02:01
When the top-seeded Halep and No 3 Muguruza meet Thursday, their contrasting styles will match up with plenty at stake. It ranked among one of the most lopsided losses ever suffered by Sharapova in her Grand Slam career.

isis-killer-beheading-video-story-top Fallout 76 Release Date May Have Briefly Appeared On Amazon
Jun 06, 2018 - 12:00
Those assets definitely look like Fallout 4 assets, so a full-on Fallout set around the mysterious Vault 76 could be one solution. Trending: What Are Lahars? That's because October 27 lands on a Saturday, and video games tend to release on Tuesdays or Fridays.

isis-killer-beheading-video-story-top Trump can pardon himself, says Giuliani
Jun 06, 2018 - 11:58
The US president's remarks came in tweets in which he said his right to pardon had been "stated by numerous legal scholars". In 1998, US President Bill Clinton was charged with obstruction as part of his impeachment trial.

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 .

isis-killer-beheading-video-story-top Chelsea looking to sign Cillessen ahead of Liverpool
Jun 06, 2018 - 11:35
Rico started out during Unai Emery's tenure at Sevilla as the number two goalkeeper, but took over starting duties in 2014-15. With interest from the Premier League side's looming, Barcelona will look to cash in on their second choice keeper.