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Summary - "For decades, runaway Medicare spending was the story of the federal budget. Now, flat Medicare spending might be a bigger one.
The article talks about the projections of Medicare spending vs actual in the last decade. In 2011, the spending was $13,159 per beneficiary and the projected spending in 2023 was a little over $2200 per beneficiary. Since then, the spending has been relatively flat - and 2023 number is $12,459.
This has ameliorated one significant concern regarding the US budget.
I did note that Medicare premiums with upper IRMAA tiers exceed annual spending per beneficiary. But, it is obviously a peripheral observation. BDL is obviously right.
It one positive news in an ocean of negative news and worth sharing and, hopefully, celebrating.
The Kaiser Family Foundation issued a report with radically different numbers:
Cost of Medicare in 2000 per participant $5,800; now the figure is over $15,000 (the rate of increase was significantly higher in 2000-2010 than it was from 2010-2021, but the Medicare program is still one hot mess).
Cost of the Medicare program, net of the premiums paid, went from less than $200 billion in 2000 to over $700 billion now, and is projected to hit $1.7 trillion in 2033. These increases are due to the increasing cost of the Medicare program per participant, all the Baby Boomers joining the program, and the aging of the participants already on the program.
There are a lot more depressing figures in the KFF report:
Also, the Medicare Part A Trust Fund is projected to run out of money in 5 years.
Medicare funding is more of a long-term issue than Social Security or the national debt, with Medicare having an unfunded liability of over $50 trillion (the present value of expected Medicare expenditures versus expected Medicare revenue), compared to $23 trillion for Social Security and a national debt of $32 trillion:
If medicare runs out then we'll all just go on Obamacare...they can raise the age.
Health insurance got nationalized under Obama so they can make whatever changes they want..amend ACA.
So I wouldn't worry. People will not be dying on the streets.
The Kaiser Family Foundation issued a report with radically different numbers:
Cost of Medicare in 2000 per participant $5,800; now the figure is over $15,000 (the rate of increase was significantly higher in 2000-2010 than it was from 2010-2021, but the Medicare program is still one hot mess).
Cost of the Medicare program, net of the premiums paid, went from less than $200 billion in 2000 to over $700 billion now, and is projected to hit $1.7 trillion in 2033. These increases are due to the increasing cost of the Medicare program per participant, all the Baby Boomers joining the program, and the aging of the participants already on the program.
There are a lot more depressing figures in the KFF report:
Also, the Medicare Part A Trust Fund is projected to run out of money in 5 years.
Medicare funding is more of a long-term issue than Social Security or the national debt, with Medicare having an unfunded liability of over $50 trillion (the present value of expected Medicare expenditures versus expected Medicare revenue), compared to $23 trillion for Social Security and a national debt of $32 trillion:
I wouldn't say radically different - $13K vs $15K is really not that far apart. The Congressional Budget Office projected that the ACA would to cut more than $764 billion from Medicare - maybe this is that impact.
If medicare runs out then we'll all just go on Obamacare...they can raise the age.
Health insurance got nationalized under Obama so they can make whatever changes they want..amend ACA.
So I wouldn't worry. People will not be dying on the streets.
ACA is flat out terrible in my state. Limited networks. Would not be significantly better than nothing I don't think.
Summary - "For decades, runaway Medicare spending was the story of the federal budget. Now, flat Medicare spending might be a bigger one.
The article talks about the projections of Medicare spending vs actual in the last decade. In 2011, the spending was $13,159 per beneficiary and the projected spending in 2023 was a little over $2200 per beneficiary. Since then, the spending has been relatively flat - and 2023 number is $12,459.
This has ameliorated one significant concern regarding the US budget.
It's better for Medicare financials if people die before age 65, or if they survive to be Medicare eligible, it's better for them to be very ill and die quickly.
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