The Medicare Trust Fund will last 25 years longer with lower costs to beneficiaries if President Joe Biden’s proposed budget is adopted, the White House announced on March 7.
The statement came two days before the scheduled release of Biden’s full budget proposal and amidst a partisan debate over raising the nation’s debt ceiling, during which both sides have pledged to protect and strengthen Medicare, the popular health care program for retirees.
The Trust Fund will be exhausted by 2028 according to a 2022 report by the Medicare Trustees. Biden’s plan would extend the life of the fund into the 2050s, according to an estimate by the Medicare Office of the Chief Actuary….