Just like Seinfeld's infamous soup nazi, Washington may soon say "No Medicare for You". From the land of buy now, pay later we learn the underfunded Medicare program will run out of money by 2024.
The folks at Kaiser Health News have this summation.
Trustees Puts Health Care Safety Net on Critical List
It is commonplace for politicians to suggest dramatic changes are needed in Social Security and Medicare or the programs won't exist "for our children and grandchildren." The annual trustees report for those two programs released on Friday reveals a future in which benefits are reduced, not eliminated. … For Medicare, the hospital trust fund will exhaust its surpluses by 2024, fully five years earlier than projected a year ago. At that point, the health care program for seniors would have to cut reimbursements to hospitals, home health aides and other providers by 10 percent (Goozner, 5/13).Medicare costs will continue to grow substantially, from a 3.6 percent share of the economy in 2010 to 5.5 percent by 2035, the trustees project in their annual report.
Clearly, Medicare is a run away train.
In spite of political promises, Obamacrap does nothing (other than cutting payments to medical providers) to rein in health care costs and these moves will only make health care less accessible to Medicare beneficiaries.
More information can be found at the KHN Trustee's Report.
If the government continues on this track one day a doctor may tell you "no Medicare for you".
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