Report raises concerns about the future of Medicare
Contemporary Long-Term Care Weekly, May 14, 2009
The Medicare Board of Trustees released their 2009 Annual Report of the Federal Hospital Insurance (HI) and Federal Supplementary Medical Insurance (SMI) Trust Funds on May 12, revealing a grim future for Medicare.
The HI, also known as Medicare Part A, trust fund is inadequately financed and expected to be exhausted by 2017, according to the report. The SMI, also known as Medicare Parts B and D, is adequately financed because premiums and general revenue financing are reset every year. However, efforts to curb the rising cost of healthcare could jeopardize SMI funding.
The report reiterated the need for fast action and effective healthcare reform efforts in order to save the Medicare program.
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