Medicare’s trustees released their annual report this week. It paints a bleak picture of the program’s future.
Total spending on the healthcare entitlement for seniors exceeded $1 trillion last year, the trustees note — some $12 billion more than the program took in. If current trends continue, Medicare’s Part A hospital insurance trust fund will run out of money in 2036.
Remarkably, these projections represent a considerable improvement over last year’s report, which put the date of trust-fund depletion at 2031. And yet, even this progress doesn’t change the fact that Medicare is on a short road to fiscal catastrophe.
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