June 5, 2018 / 7:26 PM / 13 days ago

U.S. Medicare reserves seen lasting three years less than prior forecast

NEW YORK (Reuters) - The U.S. government’s healthcare program for the elderly will exhaust its reserves for hospital insurance in 2026, three years earlier than last year’s forecast, the Social Security and Medicare Boards of Trustees said in a report on Tuesday.

The report also said the costs of the U.S. Social Security program will exceed incoming revenues this year for the first time since 1982, bringing closer the distant date when its trust fund will run out of money.

The Social Security trust funds for benefits for the elderly and disability insurance could be depleted by 2034, the same as last year’s projection.

Reporting by Jason Lange; Editing by Richard Chang

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