Medicare’s Financial Stability has Improved
The Affordable Care Act and other government policies that have been subduing health care spending have led to the improvement of Medicare's financial stability, said a new forecast. It has also showed that the fund responsible for covering the program's cost will remain solvent until 2030. Earlier, it was expected to remain solvent till 2026.
Trustees, overseeing the government's two largest entitlement programs, issued the annual report on Monday. A very little change was found in the finances of Social Security. However, it was noted by the trustees that there are problems with the part of Social Security that pays monthly benefits to people with disabilities. There is a need to bring changes in that to prevent it from running short of money.
The findings have showed what the fiscal futures of these two programs would be. The programs are important for older people and other vulnerable Americans as they are being provided a social insurance by them.
"Though, both are fundamentally secure. The reports also remind us of something we all understand: We must reform these programs if we want to keep them sound for future generations", said Treasury Secretary Jack Lew.
As per the estimates of trustees, there would be a rise of 1.5% increase in monthly Social Security payments to beneficiaries next year. The rise would mark the lowest since the 1970s when automatic adjustments were adopted. A government measure of inflation will be a determiner for the increase.
There will be no changes in Medicare's Part B monthly premium for outpatient care till 2015, which means it will remain at $104.90.
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