The 2018 annual report recently released by the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds included warnings that Medicare trust fund part A, which covers hospital and skilled nursing care, could be depleted as early as 2026. This is three years earlier than last year’s projection.
Current-law projections indicate that Medicare still faces a substantial financial shortfall that will need to be addressed with further legislation. The Medicare Modernization Act of 2003 requires that the president submit legislation to Congress to respond to the warning issued by the trustees within 15 days after the submission of the fiscal year 2020 budget. Congress is then required to consider the legislation on an expedited basis.
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