Social Security trust funds are now projected to run out of money sooner than previously expected due to Covid, the Treasury Department says
Trust Funds. Those programs are designed to provide a source of income respectively to former workers who have retired at the end of their careers or to those who cannot work due to a disability.
Though the two funds are separate under law, the Treasury Department said the hypothetical combined funds would be able to pay scheduled benefits on a timely basis until 2034. The Treasury Department said it estimates the level of worker productivity and thus GDP is assumed to be permanently lowered by 1% even as they are projected to resume their pre-pandemic trajectories.
Medicare's hospital insurance fund is expected to be depleted in 2026, the same date that was projected a year ago. At that point, doctors, hospitals and nursing homes would not receive their full compensation from Medicare and patients are likely to bear the responsibility for any cuts to coverage.
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