Medicare funds could dry up by 2026 - WSIL-TV 3 Southern Illinois

Medicare funds could dry up by 2026

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WSIL-TV - A new report is heightening concerns about the financial future of Medicare.

According to the Washington Post, a new Medicare trustees report reveals the medicare trust fund will dry up by 2026. That's three years sooner than what was predicted in 2017.

That fund pays hospital bills of Medicare recipients. 

The newspaper says the report, issued by four Trump administration officials who are trustees for both Medicare and Social Security, cites policy changes such as the new GOP tax law as the reason. 

That's because, according to the report, the government will collect less in income taxes, meaning less money will flow into the Medicare trust fund.

But in a statement, Treasury Secretary Steve Mnuchin says the government's economic agenda will generate the long-term growth needed to help stabilize both Medicare and Social Security.

CNN contributed to this report.

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