“What You Need to Know about the Social Security and Medicare Trustees Reports,” by Peter G. Peterson Foundation

“Are Social Security and Medicare Going ‘Bankrupt’? No, but both programs are on an unsustainable path. The Trustees warn that predictable demographic trends will cause a significant imbalance between funding coming in, and spending going out in the form of benefits.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
By any rational standard, Social Security and Medicare are bankrupt already. They run deficits every year forcing the federal budget to make up the difference and their future unfunded liabilities are in the trillions of dollars. Their trust funds are meaningless accounting gimmicks. The significance for long-term care is two-fold. Medicare cutbacks will devastate Medicaid’s ability to fund long-term care, because LTC providers depend on generous Medicare reimbursements to make up for poor Medicaid reimbursements for most patients. Social Security cuts will devastate Medicaid because recipients have to contribute their income to offset Medicaid’s costs. These factors combined with boomers hitting age 85 in 2031 will derail the precarious LTC financing system.

What You Need to Know about the Social Security and Medicare Trustees Reports

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