Posted Monday, June 6, 2022
According to the 2022 annual report from the Social Security and Medicare Boards of Trustees, Medicare Part A will indeed run out of money, but not as soon as expected. The expected date of the shortfall will be in 2028, two years later than originally anticipated. By 2028, Medicare would have sufficient dollars to cover 90% of Medicare expenses. The trustees called on Congress to take action to prevent this deficit.
“Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing,” the trustees indicated in the report. “Costs of both programs will grow faster than gross domestic product (GDP) through the mid-2030s, primarily due to the rapid aging of the U.S. population.”
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