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Law Will Extend Medicare Fund, Report Says
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| Contributor | RP |
| Last Edited | RP Aug 05, 2010 05:36pm |
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| Category | Report |
| Author | JACKIE CALMES |
| Media | Newspaper - New York Times |
| News Date | Thursday, August 5, 2010 11:00:00 PM UTC0:0 |
| Description | Medicare will remain financially solvent for 12 years longer than projected a year ago — until 2029 — because of the cost-cutting measures in President Obama’s recently enacted health care legislation, the program’s trustees reported on Thursday.
Social Security’s long-term finances also stand to improve slightly, the report said, though in the short run the retirement program’s condition has worsened because of high unemployment, which has reduced payroll tax revenues.
Medicare’s hospital insurance trust fund should remain solvent until 2029, or 12 years more than projected in last year’s report, the trustees said. The long-term, 75-year shortfall for the hospital fund also is reduced, as are the projected costs of the separate Medicare Supplementary Insurance program. But both parts of the Medicare system will require additional reforms to be financially sustainable, the trustees say. |
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