Verified Journalist | https://www.verifiedjournalist.org/people/@Loucovey@newsie.social |
Verified Journalist | https://www.verifiedjournalist.org/people/@Loucovey@newsie.social |
The go-broke dates for Medicare and Social Security’s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to closer projected depletion dates. That's according to an annual report released Wednesday. The go-broke date is the date at which the programs would no longer have funds to pay full benefits. Medicare’s go-broke date for its hospital insurance trust fund was pushed up to 2033 in the new report. Last year’s report put the go-broke date at 2036. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035.