The U.S. Department of the Treasury recently released its annual Social Security and Medicare trustees reports. The move followed a meeting of the Social Security and Medicare Boards of Trustees, and the reports were released with the Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration.
The trustees provide Congress with annual reports that outline the current and projected financial status of the Social Security and Medicare trust funds.
“We have made it a priority to have a pristine control environment and to eliminate waste, fraud, and abuse,” Frank Bisignano, Social Security Administration commissioner, said. “Ensuring the trust funds remain strong is inseparable from our mission to serve every American. In partnership with Congress, we will meet that responsibility for every generation that follows.”
Report highlights include:
The Supplementary Medical Insurance Trust Fund is adequately financed into the indefinite
Future.
The Old-Age and Survivors Insurance Trust Fund, the Hospital Insurance Trust Fund are forecasted to be able to pay 100 percent of total scheduled benefits until the fourth quarter of 2032 and the second quarter of 2033 respectively.
The Disability Insurance Trust Fund is projected to be able to pay all scheduled benefits through at least 2100.