The Congressional Budget Office has predicted the Hospital Insurance Trust Fund, which pays for hospital and most institutional services under Medicare Part A, will be depleted by 2027.
However, the Medicare Trustees estimate it will be 2025. Whichever it is, the date of insolvency is fast approaching.
If that happens, full payments to providers for services covered under Part A would be delayed, which ultimately could harm the level of care patients receive.
Although several changes are needed to shore up Medicare Part A, lowering the cost of prescription drugs is one of the ways to help fix this problem and it’s why TSCL strongly supports legislation to do that.
Once Congress finishes with its work that we’ve described above, it must start to work on shoring up both Medicare and Social Security to keep them from becoming insolvent.