By law, the Medicare Payment Advisory Commission (MEDPAC) reports to the Congress each March on the Medicare fee-for-service (FFS) payment systems, the Medicare Advantage (MA) program, and the Medicare prescription drug program (Medicare Part D).
March 2022 03/15/2022 - Report to the Congress: Medicare Payment Policy
The whole report is very detailed but thought I would just post a few lines of it since this board discusses "problems" This comes from the Executive Summary - a download - which you will have to do for more details in the report.
Although the pandemic is not expected to have a long-term impact on Medicare, the program’s finances nevertheless need urgent attention. Medicare’s Trustees expect that the program’s Hospital Insurance Trust Fund (which funds Medicare Part A services) will become insolvent by 2026, and the Congressional Budget Office (CBO) expects the fund to reach insolvency in 2027, due to the declining ratio of workers to Medicare beneficiaries (since payroll taxes are the primary source of funding for the trust fund). To extend the solvency of the trust fund for an additional 25 years, Medicare’s Trustees have estimated that the Medicare payroll tax would need to be raised from 2.9 percent to 3.7 percent, or Medicare Part A spending would need to immediately be reduced by 18 percent (about $70 billion in 2022); alternatively, a smaller tax rate increase could be combined with a smaller spending reduction to achieve a comparable effect.
Medicare’s Trustees estimate that total Medicare spending will nearly double between 2020 and 2030— driven by growth in the volume and intensity of services provided to beneficiaries and by the number of beneficiaries in the program (which is projected to increase from 62 million to 77 million over this period)
Edited to add: Keep those Medicare payroll tax withholdings coming - baby boomers are entering the Medicare and SS rolls at a rate of 10,000 per day and this will continue until the end of 2030.
Worried?
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