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Medicare program experiences slight financial improvement

Dissipating funds are problem for many government programs, even and perhaps especially on those which millions of Americans rely. In addition to the financial difficulties faced by the Social Security disability program, Medicare has faced problems in recent years. That being said, the latest news is that the Medicare program’s financial situation has improved and will apparently not be drained out until 2030, which is four years more than a prediction given last year.

The disability trust fund, for its part, has a much shorter remaining life span. It is expected to be exhausted in two years unless action is taken. If nothing is done payments to beneficiaries will decrease to 81 percent of what they are currently being paid.Â

Medicare and Social Security disability are the two largest government benefits programs, so their financial health is important to many Americans. Those who are approved for Social Security disability are automatically enrolled in Medicare, but only after two years in the program. Beneficiaries receive coverage for hospital insurance, which pays for inpatient hospital bills and some follow-up care, as well as medical insurance, which pays for outpatient hospital care, doctor’s bills and some other medical services. Hospital insurance is free for beneficiaries, while medical insurance requires a monthly premium.

When disabled individuals are approved for Social Security disability benefits, it is important for them to understand what other benefits they are entitled to so that they are able to benefit from them. It can help to work with an experienced attorney who understands the program as well as how to take advantage of available benefits.Â

Sources:

Mississippi Press, “Medicare hospital fund to last 4 years longer than last estimate,” July 28, 2014.

Social Security Disability Administration, “Disability Planner: Medicare Coverage If You’re Disabled,” Accessed August 27, 2014.

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