{"id":22141,"date":"2023-06-13T16:00:36","date_gmt":"2023-06-13T20:00:36","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/is-medicare-in-deep-trouble-maybe-not-so-much\/"},"modified":"2023-06-13T16:00:37","modified_gmt":"2023-06-13T20:00:37","slug":"is-medicare-in-deep-trouble-maybe-not-so-much","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22141","title":{"rendered":"Is Medicare In Deep Trouble? Maybe Not So Much"},"content":{"rendered":"<div>\n<p>Medicare is always facing a fiscal cliff. It consistently faces higher expenses every year, often worsening its outlook for the future.<\/p>\n<p>In the most recent Medicare trustees\u2019 report, a more nuanced \u2014 and slightly more optimistic view \u2014 is on hand. The near-term view is not positive, but fairer winds are blowing that are helping the insurance program for the elderly and permanently disabled, according to the Center for Retirement Research at Boston College (CRRC).<\/p>\n<p>\u201cHeadlines from the 2023 Medicare Trustees\u2019 Report focused on the program\u2019s looming financial concerns,\u201d a recent CRRC report stated. \u201cBut the Report itself did not contain bad news \u2013 in fact, it showed modest improvements over the prior year. And, more strikingly, the outlook is much better than it was a decade ago, even under assumptions that policymakers curb some cost controls.\u201d<\/p>\n<p>What\u2019s the good news when the bottom line is that the Medicare hospital trust fund may be depleted by 2031? Here are a few trends to watch:<\/p>\n<ul>\n<li>Program costs are slowly shifting from expensive \u201cPart A\u201d hospital care to less costly outpatient care, mostly covered by \u201cPart B.\u201d The CRRC notes \u201cThe pattern of Medicare expenditures has shifted over time. In 2012, Part A was the largest component, accounting for 46 percent of total expenditures. By 2022, Part A had declined to 38 percent, reflecting a shift from inpatient to outpatient services, and spending on Part B benefits had grown to 48 percent.\u201d<\/li>\n<li>\u201cObama Care\u201d had slowed cost growth. \u201cIn the wake of the Affordable Care Act of 2010, the Medicare current-law projections have assumed a substantial reduction in the growth rate of per-capita health expenditures relative to historical experience. While such projections for government programs sometimes prove optimistic, Medicare has actually experienced slower spending growth in recent years.\u201d<\/li>\n<li>\u201cParts B and D\u201d seem to be in healthy fiscal shape. \u201cPart B, which covers physician and outpatient hospital services, and Part D, which covers prescription drugs, are both adequately financed for the indefinite future, because the law provides for general revenues and participant premiums to meet the next year\u2019s expected costs.<\/li>\n<\/ul>\n<p>While there\u2019s a glimmer of hope in these trends, Medicare is far from out of the woods. Health care costs in the U.S. continue to rise and there\u2019s little action to control expenses from Washington, which needs to either increase Medicare taxes or cut benefits to bolster the program long term.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>\u201cThat said,\u201d the CRRC concludes, \u201cMedicare does face significant financing challenges: it oper\u00adates in a country with extraordinarily high health care costs and it has some serious gaps in protection.\u201d<\/p>\n<p>Washington needs to wake up and do some hard work to strengthen Medicare and Social Security. If you\u2019re not politically active, now\u2019s the time to engage with your congressional representatives and senators.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/johnwasik\/2023\/06\/13\/is-medicare-in-deep-trouble-maybe-not-so-much\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Medicare is always facing a fiscal cliff. It consistently faces higher expenses every year, often worsening its outlook for the future. In the most recent Medicare trustees\u2019 report, a more nuanced \u2014 and slightly more optimistic view \u2014 is on hand. The near-term view is not positive, but fairer winds are blowing that are helping [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-22141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Medicare In Deep Trouble? Maybe Not So Much | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Medicare is always facing a fiscal cliff. It consistently faces higher expenses every year, often worsening its outlook for the future. 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