There are several popular misconceptions about the financial condition of Medicare, which virtually all American senior citizens rely on to cover healthcare expenses in retirement. Many people believe that Medicare is broke, or that there's virtually no chance that Medicare will still be around by the time they retire. Spoiler alert: Neither of these are true.
Let's set the record straight. The Medicare trustees recently released their annual report, which detailed the financial condition of Medicare at the end of 2016, as well as future projections of the program's finances for the next 75 years. Here are some of the important takeaways from the report that you should be aware of, and what it means to you.
Image Source: Getty Images.
Source: Fool.com