Social Security and Medicare 2023: Biden To Extend Medicare, But No Specific Plans on SSA

The U.S. President Joe Buden has already introduced his budget proposal for the fiscal year of 2024. Reports say he has no specific plans but intends to make several changes to the Social Security and Medicare 2023, respectively.

Reports say that Social Security and Medicare 2023, two most significant federal programs for retirees, are currently in a predicament. The trust fund of the Social Security Administration (SSA) will likely run out by 2034. In addition, the Medicare program will also likely suffer insolvency earlier by 2028.

According to Konish, the U.S. President Joe Biden has introduced his budget proposal for the fiscal year of 2024 that included plans for the Medicare program. However, while Biden intended to make several changes to it, he had not announced specific plans for the Social Security.

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Biden on Social Security and Medicare 2023

According to Speights, Biden had fortunately mentioned the Social Security several times during the budget proposal. For instance, he has stated that the proposed increase of $1.4 billion to the program is intended to improve customer service by handling more disability claims. In addition, Biden has also mentioned that the SSA is set to administer a paid family and medical leave program across the country. However, the budget proposal did not mention any more details on how to prevent SSA from going through insolvency in the next decade.

On the other hand, Biden had discussed insolvency concerns about the Medicare program. He stated that the most essential way to save the program is to increase the taxes of the richest taxpayers in the U.S. This means that the Medicare tax rate for individuals earning more than $400,000 per year will increase from 3.8% to 5%. Furthermore, Biden intends to dissolve some tax loopholes that prevent business owners from paying Medicare taxes. Reportedly, this was made possible through pass-through businesses where owners pay taxes at individual income tax rates.

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