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Social Security and Medicare updates

Summary:
Since many AB readers are either retired or about to be:“Looking solely at the trust fund that covers retirement and survivor benefits, Social Security will only be able to afford scheduled payments in full until 2033, roughly the same projection as last year. At that time, the fund’s reserves will be depleted, and continuing income will only cover 79% of benefits owed.”*snip*“As for Medicare, its hospital insurance trust fund, known as Medicare Part A, has a few more years before it runs dry. But in 2036, Medicare will only be able to pay 89% of total scheduled Part A benefits, which also cover hospice care, short-term skilled nursing facility services and home health services following hospitalizations.”Don’t look for the current GOP Congress to act.

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Since many AB readers are either retired or about to be:

“Looking solely at the trust fund that covers retirement and survivor benefits, Social Security will only be able to afford scheduled payments in full until 2033, roughly the same projection as last year. At that time, the fund’s reserves will be depleted, and continuing income will only cover 79% of benefits owed.”

*snip*

“As for Medicare, its hospital insurance trust fund, known as Medicare Part A, has a few more years before it runs dry. But in 2036, Medicare will only be able to pay 89% of total scheduled Part A benefits, which also cover hospice care, short-term skilled nursing facility services and home health services following hospitalizations.”

Don’t look for the current GOP Congress to act. And if the GOP wins either or both houses of Congress and/or the WH, nothing will change until 2027 at the earliest.

Plan accordingly.

https://www.cnn.com/2024/05/06/politics/social-security-trust-fund-benefits/index.html

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