Did you happen to see the Associated Press article on Monday entitled: Aging workforce strains Social Security, Medicare?
If not, the healthcare factoring specialists at PRN Funding summarized the startling findings below:
Social Security and Medicare, the government’s two largest benefit programs, are in worse shape than previously thought due to the increasing aging population and the slow-rebounding economy. Moreover, Medicare is in the worst shape because of rising health insurance costs.
The predictions from last year was that the Medicare hospital insurance fund for seniors would run out of money in 2024, and Social Security’s retirement fund would run out in 2038, with the disability fund running out of money by 2018.
The latest projections from March indicate that the disability fund would run out of money two years earlier in 2016.