Medicare Trust Funds Actuarial Estimates: Efforts Have Been Made to Improve Internal Control over Projection Process but Some Weaknesses Remain

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Correspondence issued by the General Accounting Office with an abstract that begins "Medicare spending growth remains one of the most pressing and complex issues facing the Congress and the nation. During calendar year 2001, the most recent year for which complete data were available at the time of our review, over 40 million Medicare enrollees received $240.9 billion in benefits from the trust funds maintained for Hospital Insurance and Supplementary Medical Insurance, Medicare's two components. The Boards of Trustees of the trust funds are required to report annually on the current and projected financial status of the Medicare program to ... continued below

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United States. General Accounting Office. March 4, 2003.

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Description

Correspondence issued by the General Accounting Office with an abstract that begins "Medicare spending growth remains one of the most pressing and complex issues facing the Congress and the nation. During calendar year 2001, the most recent year for which complete data were available at the time of our review, over 40 million Medicare enrollees received $240.9 billion in benefits from the trust funds maintained for Hospital Insurance and Supplementary Medical Insurance, Medicare's two components. The Boards of Trustees of the trust funds are required to report annually on the current and projected financial status of the Medicare program to the Congress and the American people. The Centers for Medicare and Medicaid Services' (CMS) Office of the Actuary (OACT) provides estimates to the boards to assist them in setting certain assumptions about HI and SMI future performance that are needed to prepare long-range and short-range projections of the financial status of the trust funds for the Trustees' reports. Based on the boards' assumptions, OACT then prepares the projections and the Trustees' reports for the boards. In its 2002 annual report, the Board of Trustees estimated that, under current rules, HI expenditures would begin to exceed tax revenue in calendar year 2016, causing the trust fund to be exhausted in 2030. Our specific objectives were to identify and evaluate the adequacy of OACT's (1) control activities over the projection process, (2) human capital practices related to workforce planning, and (3) tracking and resolution process to address recommendations from technical panels and other reviewers."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • March 4, 2003

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  • June 12, 2014, 7:50 p.m.

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United States. General Accounting Office. Medicare Trust Funds Actuarial Estimates: Efforts Have Been Made to Improve Internal Control over Projection Process but Some Weaknesses Remain, text, March 4, 2003; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc295917/: accessed October 17, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.