Social Security and Medicare Release their Trustee Reports – How do they affect Long Term Care?
By jana on Mar 25, 2008 in Long Term Care, Medicare, Medicaid and LTC
The annual reports for Social Security and Medicare are out and what does that mean? Some are predicting some debating among presidential candidates and others are predicting not much difference from last year, but whatever the predictions, the fact remains that to be sure you have enough to retire and for your long term care, you had better have your own plans.
It looks as though there aren’t many changes between last year’s Social Security report and this year’s. The news release claims that the “Trustees Report shows improvement in the projected long-term financial status of the Social Security program”, but admits that these improvements are “the result of methodological changes for projecting certain aspects of immigration.” Key dates remain unchanged. These dates include the fact that tax revenues are still estimated to fall below program costs in a very short 9 years. Trust Funds are still estimated to become “exhausted” by 2041.
The full report on Social Security is rather lengthy, but the news release is worth a quick view.
Social Security seems to be treading water, but Medicare is not faring as well. Their report states that based on projections and no changes, the fund will be exhausted by 2019.
What does this mean for us? As we’ve discussed in past postings: making your own plans are your best bet for retirement and long term care. Knowledge is power…start researching long term care insurance, reverse mortgages, private funds, etc.
A couple of good articles on the released reports can be found on MSNBC and Forbes.com.
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