Medicare, Social Security could fall short over next decade
The financial safety nets millions of older Americans rely on — and millions more young people are counting on — will run short of money to pay full benefits within the next decade, the annual Social Security and Medicare trustees report released Friday warns.
Medicare, the government-sponsored health insurance that covers 65 million older and disabled people, will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031, the report forecast. And just two years later, Social Security won’t have enough cash on hand to pay out full benefits to its 66 million retirees, according to a report from the Associated Press.
The report is another prod for politicians to address the fragile financial state of the social programs, which are only expected to get more expensive in the coming years as more Americans age into eligibility for them.