Medicare could run out of money by 2026

By Phil Galewitz, Kaiser Health News

Medicare’s financial condition has taken a turn for the worse because of predicted higher hospital spending and lower tax revenues that fund the program, the federal government reported Tuesday.

In its annual report to Congress, the Medicare board of trustees said the program’s hospital insurance trust fund could run out of money by 2026 — three years earlier than projected last year.

A senior government official briefing reporters attributed the worsened outlook for Medicare to several factors that are reducing funding and increasing spending.

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