The Centers for Medicare and Medicaid has announced the 2013 Medicare premiums, deductibles, and coinsurances . . .Read more
Medicare's Fiscal Health Worse Than Expected
- April 2nd, 2003
Medicare''s Hospital Insurance (HI) Trust Fund will be exhausted in 2026, four years earlier than was predicted last year, according to the annual report released by the Medicare Board of Trustees.
The Medicare trustees said that the declining financial outlook was due to lower-than-expected revenues and higher-than-expected hospital spending in 2002. Without changes in the Medicare program, closing the projected HI gap between revenues and expenditures would require that benefits be reduced by 42 percent, or income from the payroll tax would need to be increased by 71 percent, the report said.
The report also projects rapidly increasing costs in the Supplementary Medical Insurance (SMI) Trust Fund, which covers physician visits and other outpatient services. These increases will likely result in higher beneficiary premiums and co-pays in Medicare''s Part B program, the trustees said.
The trustees called for changes to address the predicted long-term fiscal problems facing Medicare.
For the Department of Health and Human Services news release and a link to the trustees'' report, go to: http://www.hhs.gov/news/press/2003pres/20030317.html
Local Elder Law Attorneys in Ashburn, VA
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...