Publisher's Synopsis
Excerpt from 1999 Annual Report of the Board of Trustees of the Federal Supplemental Medical Insurance Trust Fund: Communication From the Board of Trustees, the Federal Supplementary Medical Insurance Trust Fund, Transmitting the 1999 Annual Report of the Board of Trustees of the Federal Supplementary Medical Insurance Trust Fund
The Supplementary Medical Insurance (smi) program, or Medicare Part B, pays for physician, outpatient hospital, home health, and other services for the aged and disabled. The smi program is financed primarily by transfers from the general fund of the us. Treasury and by monthly premiums paid by beneficiaries. Income not currently needed to pay benefits and related expenses is held in the smi trust fund, and invested in us. Treasury securities.
The Board of Trustees was established under the Social Security Act to oversee the financial operations of the smi trust fund. The Board is composed of six members. Four members serve by virtue of their positions in the Federal Government: the Secretary of the Treasury who is the Managing Trustee, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security. The other two members are appointed by the President and confirmed by the Senate to serve as Public Trustees. Stephen G. Kellison and Marilyn Moon began serving on July 20, 1995. The Administrator of the Health Care Financing Administration (hcfa) is designated as Secretary of the Board.
The Social Security Act requires that the Board report to the Congress annually on the financial and actuarial status of the smi trust fund. This 1999 report is the 34th to be submitted. Due to uncertainty about the future, the financial condition of the smi trust fund is examined under three alternative sets of assumptions: low cost, intermediate, and high cost. These alternatives are intended to illustrate a reasonable range of possible outcomes. The intermediate assumptions represent the Trustees' best estimate of the expected future economic and demographic trends. The financial adequacy of the smi program is evaluated for calendar year 1999. The report describes both the near term financial outlook and the longer term outlook throughout a 75-year valuation period.
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