Medicare costs rose in 2018 due to a drop in tax revenue and higher-than-expected federal payments to doctors, according to a report published Monday.
FILE - Medicare costs are set to explode, the government said on Monday, putting a greater strain on the federal budget. By Jeff Stein Jeff Stein Economic policy reporter Email Bio Follow April 22 at 11:27 AM Medicare’s Hospital Insurance Trust Fund is set to run out of money by 2026, as lower tax revenue and higher payments to medical providers have helped weaken the long-term fiscal outlook of the health care program for America’s senior citizens, the Trump administration said on Monday.
“The projections indicate that Medicare still faces a substantial financial shortfall that will need to be addressed with further legislation,” stated the report, signed by Treasury Secretary Steven Mnuchin and Secretary of Labor R. Alexander Acosta, among other officials. “Lawmakers should address these financial challenges as soon as possible.”
The trustees’ report suggests that trend, coupled with the retirement of the baby boomer generation, poses significant new challenges for the decades-old Medicare program. Alternatively, the report says the trust fund could be funded with a 19 percent cut in spending on the program — a step that could push greater health care costs on elderly patients, likely reducing the generosity of benefit payments.
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