GAO 01 1071 Medicare Program Designed to Inform Beneficiaries Gao

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[ Background Music ] Medicare is a federal program that helps provide health care coverage for nearly 60 million people. This number includes about 50 million senior citizens and 9 million younger people with certain disabilities. Unlike Medicaid, which is largely for low-income individuals and families, Medicare provides coverage for individuals at all income levels. In 2017, the Medicare program spent about $700 billion. The money helps pay for hospitalizations, doctor visits, prescription drugs, and other critical health care services. This may seem like a lot of money already, but Medicare spending is expected to continue growing as a percentage of the economy. At Medicare's annual financial check-up in 2018, Medicare's trustees found that, in a little less than a decade, the program may not be able to pay all of its bills. Let's take a look at some of the reasons why Medicare's spending is growing and some of the ways that the problem can be treated to improve the program's financ