Will the Pandemic Affect Social Security And Medicare?
Even before the pandemic ravaged the American economy, both Social Security and Medicare were headed for financial issues, as recently reported by the Board of Trustees for both programs. Social Security’s Trust Funds were expected to be depleted in 2035, absent action in Congress to restore the program to solvency. This is not new news – the Trustees have been warning Congress about this for years and for just as long have been urging them to act soon to fix the program’s funding issues. Medicare faces similar issues, although somewhat less devastatingly because Medicare is largely funded by the Federal Government, unlike Social Security which is, by law, a completely self-sustaining program. Nevertheless, both programs fate will almost certainly be negatively affected by the COVID-19 pandemic. This article by contributor Mark Miller appearing at Morningstar discusses how the pandemic might impact the financial health of both Social Security and Medicare. Click here to read more.