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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Problems and Issues

Social Security and Medicare are currently faced with serious financial problems and issues. Three timely issues that merit discussion are the following:

  • Long-range OASDI actuarial deficit

  • Depletion of disability income fund

  • Medicare financial crisis

Long-Range OASDI Actuarial Deficit

It has always been the intent of Congress that the OASDI program should be actuarially sound. However, at the time of writing, the Social Security program is not in actuarial balance over a 75-year projection period. The 2015 Board of Trustees annual report made the following conclusions:9

  • The combined OASDI trust funds will be depleted in 2034—one year later than projected in the previous year’s report. The trust-fund assets reflect the excess ...

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