Medicare’s fiscal cliff

The recent good news is that the bankruptcy date for Medicare’s hospital care coverage fund was pushed back a few years to 2036. The bad news is that this temporary reprieve is just that, plus it doesn’t even address the financial situation of the rest of Medicare. I wrote about this for the Boston Globe today:

There are 67 million Americans currently on Medicare. Ninety percent of them are over 65 and the country’s population is aging quickly. By 2040, it’s estimated that 80 million Americans will be over 65. That’s an extra 13 million people on Medicare’s rolls.

It’s simple math: More recipients means more spending. But the catch is Medicare is already spending a lot of money and how fast it’s spending is alarming.

Read the whole piece here.

Research for this article was supported by Arnold Ventures.

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