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siknNNBm-sDQklQOkQhmkL7sN7hmnBqn2DmL0fsoJTCo3wIhEmyBi8Kr8a|KVF|ZQ|gr70WZYwoJT5ojT1oCm_Dpkp2e2moJTCMGnGmNL7iq siknNNBm-sDQklQOkQhmkL7sN7hmnBqn2DmL0fsoJTCo3wIhEmyBi8Kr8a|KVF|ZQ|gr70WZYwoJT5ojT1oCm_Dpkp2e2moJTCMGnGmNL7iq Liberty University Welcomes you to Apply Online E7jd Welcome To LU. Financial Aid Available wLjB Medicare has crept close to the brink before. The last time the trust fund was predicted to be insolvent within six years was during the mid-1990s, according to the Kaiser Family Foundation. Congress passed a number of budget bills, most notably the Balanced Budget Act of 1997, which made changes to hospital payments to alleviate the issue. The improving economy likely helped as well, because more people with jobs and growing wages meant more payroll tax revenue. By 2000, the insolvency cliff had been pushed off to 2025. (Then, throughout the 2000s, the date began to slip closer again; the Affordable Care Act extended the life of the trust fund with tax increases, which Biden now wants to add to, and spending cuts.) If the trust fund for Part A ran out of money, it would be unprecedented. “We’ve never been there. In each instance, Congress has stepped up to ensure the trust fund would not be insolvent,” said Tricia Neuman, executive director of the Kaiser Family Foundation’s program on Medicare policy. “We actually don’t know what decisions would be made.” Part B and Part D, however, are not facing the same financial crunch. They are funded primarily by general tax revenue, instead of an earmarked payroll tax, and premiums paid by beneficiaries. Their trust funds are projected to be sufficient for the foreseeable future. These projections are unpredictable. In 2021, the trustees projected insolvency would be reached in 2026; the next year, they added two years to get the current date of 2028 (and a new report and updated projection is coming in the next month or so). The strong economy and lower overall health care use during the pandemic have provided a slight reprieve. But the structural challenges to Medicare Part A’s solvency remain — and that is why, sooner or later, Congress will need to act. That means either more revenue, as Biden wants, or less spending, either through across-the-board cuts or payment reforms meant to deliver care at a lower cost. When Medicare payroll taxes are taken out of your paycheck, that money goes to cover the cost of health care for people enrolled in Medicare right now. If you’re not of Medicare age yet, future workers will fund your health care. The health of Medicare Part A’s finances is dictated chiefly by three variables: the economy which affects how much tax revenue is flowing in, the number of people enrolled in the program and their medical needs, and the ever-changing cost of health care services. At least two of those trends are pointing in the wrong direction, according to the most recent projections from the Medicare trustees. Congress has passed provisions to reduce Medicare spending in recent years, such as the Inflation Reduction Act’s plan for the program to negotiate some prescription drug prices. But lawmakers have also acted to avert any cuts to how much the program pays doctors, hospitals, and other medical providers. Both tax increases and any spending reductions can be a tough sell in Congress. So can increasing the eligibility age, an oft-floated idea that still amounts to cutting benefits for seniors. Biden is going with tax hikes in his budget plan. But it’s not yet clear if lawmakers are really willing to act on his or any proposal to improve Medicare’s finances. They still have five years before the Part A trust fund will run out, according to the latest available projections. The Medicare trustees urged Congress to act soon to avert the crisis, in order to minimize the risks for patients and providers. But unfortunately, lawmakers have a habit of waiting until the last minute to act. This email was sent to {EMAIL}. Manage your email preferences or unsubscribe. If you value Voxs unique explanatory journalism, support our work with a one-time or recurring contribution. View our Privacy Notice and our Terms of Service. Copyright © 2023. All rights reserved.