Medicare and Social Security Trust Funds Face Insolvency by 2033; Nebraska Offers Medicare Education

The Social Security and Medicare trust funds are projected to become insolvent by 2033, which is one year earlier than previously expected. The revision in the insolvency timeline is largely attributed to increased hospital costs and subdued wage growth, which impact the financial stability of the Medicare program. Absent legislative intervention, this insolvency could lead to a reduction in benefits by approximately 23%. In Nebraska, a Medicare education program sponsored by the Nebraska Department of Insurance aims to inform Medicare-eligible individuals about their options. This initiative is federally funded and conducted through SHIP/SMP counselors who provide guidance without any marketing or sales intent.