Medicare’s Hospital Insurance Trust Fund is now expected to be exhausted in 2024 – five years sooner than projected last year. Upon exhaustion, dedicated revenue will be able to pay 90% of costs for the hospital-insurance program.
For the first time since 1983, Social Security spending was greater than non-interest income in 2010. A $46 billion deficit is projected for 2011, compared with $49 billion in the prior year.
On Friday the trustees urged prompt action from U.S. lawmakers, and noted that an aging population and spending growth in coming decades will ramp up costs for Social Security and Medicare, the two largest federal programs.
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William Wombacher, Central Illinois’ Certified Elder Law Attorney and Social Disability Specialist