Fate of Medicare & Social Security

The futures of both Medicare and Social Security programs, seem to be up in the air.

Posted: Apr 23, 2019 7:36 AM
Updated: Apr 23, 2019 7:55 AM

AP - The future of Medicare and Social Security programs seems to be up in the air.

According to a report from the Government's Overseers of Medicare and Social Security, the financial condition of both programs remains shaky.

Medicare is set toward insolvency by 2026, and Social Security will become insolvent in 2035. Both programs need to be addressed to avert automatic cuts should their trust funds run dry. The report urged lawmakers to take action sooner rather than later.

Social Security is the government's largest program, costing $853 billion last year, with another $147 billion for disability benefits. Medicare's hospital, outpatient care, and prescription drug benefits totaled about $740 billion.

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