Yearly Report PART I Item 1 - Purpose and Function of Our Government - General

Major government programs

Published on Mon, April 13, 2020 11:13AM PDT | Updated Fri, April 17, 2020 6:30PM PDT

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Major government programs > Item 1 - Purpose and Function of Our Government - General > PART I > Government 10-K

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These summaries are provided as background for this report and should not be used to determine eligibility for any government program.

Social Security

Fiscal year

1980

 

1990

 

2000

 

2010

 

2016

 

2017

 

2018

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Old Age and Survivors Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total benefits paid (in millions)

$

105,074

 

$

222,993

 

$

352,706

 

$

577,448

 

$

768,633

 

$

798,722

 

$

844,924

 

na

 

Number of recipients

 

30,843,914

 

 

35,558,711

 

 

38,741,343

 

 

43,846,211

 

 

50,297,237

 

 

51,492,108

 

 

52,743,734

 

 

54,139,028

 

Average monthly benefit per recipient

$

305

 

$

554

 

$

788

 

$

1,110

 

$

1,292

 

$

1,334

 

 

1,389

 

 

1,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disability Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total benefits paid (in millions)

$

15,437

 

$

24,803

 

 

54,938

 

$

124,191

 

$

142,703

 

$

142,740

 

$

143,656

 

na

 

Number of recipients

 

4,682,172

 

 

4,265,981

 

 

6,673,362

 

 

10,185,886

 

 

10,610,070

 

 

10,411,252

 

 

10,162,488

 

 

9,925,468

 

Average monthly benefit per recipient

$

269

 

$

462

 

$

649

 

$

922

 

$

1,032

 

$

1,060

 

$

1,097

 

$

1,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Social Security

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total benefits paid (in millions)

$

120,511

 

$

247,796

 

$

407,644

 

$

701,639

 

$

911,336

 

$

941,462

 

 

988,580

 

na

 

Number of recipients

 

35,526,086

 

 

39,824,692

 

 

45,414,705

 

 

54,032,097

 

 

60,907,307

 

 

61,903,360

 

 

62,906,222

 

 

64,064,496

 

Average monthly benefit per recipient

$

301

 

$

544

 

$

767

 

$

1,074

 

$

1,246

 

$

1,288

 

$

1,342

 

$

1,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We limited the data in this table to the years presented to provide the most recent data but to also fit the table to the page. Additional years of data and more detail may be found on our website. Click “More detail” to access it.

na An “na” reference in the table means the data is not available.

Social Security is a federal government program that provides a source of income for individuals or their legal dependents (spouse, children, or parents) if they qualify for benefits. The program collects taxes from employees and employers and deposits the receipts into the two Social Security trust funds – the Old Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. While the two are legally separate, they are often referred to together as OASDI.

In 2017, Social Security payments were $945 billion or 16% of our Government’s aggregate expenditures. Partially offsetting Social Security expenditures (but shown separately as revenue in our income statement), is $868 billion of Social Security tax receipts, which comprised 16% of our Government’s aggregate revenue.

Eligibility and enrollment15

The Social Security program pays benefits to qualified individuals out of the trust funds. Qualified individuals include, among others, disabled workers, retirees and their surviving spouses, and surviving children of deceased workers. Social Security benefits are subject to federal income taxes using a two-tiered scheme if the recipient’s income exceeds certain thresholds. According to the Wisconsin Fiscal Legislative Bureau, in 2017: “A total of 30 states…exempted social security income from taxation. Fourteen states taxed social security benefits in 2017, including five states that followed current federal practice and taxed up to 85% of benefits and nine states provided their own taxation treatment.”5

Disability

The Social Security Administration uses a five-step process to decide if a person is disabled, including verifying that:

  • the applicant’s earnings average less than a certain amount each month;
  • the applicant’s medical condition significantly limits his or her ability to do basic work activities – such as lifting, standing, walking, sitting, and remembering – for at least 12 months;
  • the applicant’s medical condition is of at least a certain severity, preventing the applicant from completing substantial gainful activity, regardless of age, education, or work experience;
  • the applicant’s medical impairment(s) prevents him or her from performing any of his or her past work; and
  • there is no other work the applicant can do despite his or her impairment(s) given his or her age, education, past work experience, and skills.

In general, to get disability benefits, an applicant must also meet two earnings tests, one related to how recently the applicant has worked and the other related to the duration of the applicant’s work history.

There are special rules for people who are blind.

Retirement

Those who pay Social Security taxes earn “credits” toward Social Security benefits. The number of credits needed to qualify for retirement benefits depends on one’s birthdate. People born in 1929 or later need 40 credits (10 years of work).

The more a recipient has earned during a working career, the greater the retirement benefit. Retirement age also affects the size of benefit payments. Age 62 is the earliest possible Social Security retirement age, and those who retire at this age will have reduced benefits. Age 66 is the earliest age at which one can retire with full benefits. Each extra year of work thereafter adds another year of earnings to your Social Security record, increasing your benefits until you start receiving benefits or you reach age 70.

Spouses who never worked or have low earnings can get up to half of a retired worker’s full benefit. Those who are eligible for both their own retirement benefits and spousal benefits are paid their own benefits first. Those whose spousal benefit is higher than their own retirement benefit will get a combination of benefits equaling the higher spousal benefit. Divorced people aged 62 and older whose marriage lasted 10 years or longer may be able to receive benefits on their ex-spouse’s record even if the ex-spouse has remarried.

Social Security replaces a percentage of a worker’s pre-retirement income based on their lifetime earnings. The amount of average wages that Social Security retirement benefits replaces varies depending on one’s earnings and when one chooses to start receiving benefits. According to the Social Security Administration, if benefits start at age 67, this percentage ranges from as much as 75% for very low earners, to about 40% for medium earners, and about 27% for high earners. If benefits start earlier than age 67, these percentages would be lower, and after age 67 they’d be higher.

Survivor benefits

Widows and widowers may be eligible to receive Social Security benefits at age 60, or at age 50 if suffering from a disability that started before or within seven years of the spouse’s death. Widows and widowers can take reduced benefits on one record, and then switch to full benefits on another record later. For example, a woman can take a reduced widow’s benefit at 60 or 62, and switch to her own full retirement benefit at full retirement age.

Children’s benefits

Children whose parents are disabled, retired, or deceased may be eligible for Social Security benefits. Biological children, adopted children, and dependent stepchildren of the worker are eligible. To get benefits, a child must have:

  • A parent who is disabled or retired and entitled to Social Security benefits; or
  • A parent who died after having worked long enough in a job where the parent paid Social Security taxes.

The child must also be any of the following:

  • Unmarried;
  • Younger than age 18;
  • 18-19 years old and a full-time student (no higher than grade 12); or
  • 18 or older and disabled. (The disability must have started before age 22.)

Enrollment

A person needs a Social Security number to get a job legally, and this nine-digit number remains one’s first and continuous link with Social Security. Information on how to apply for a new or replacement Social Security number and card can be found at https://www.ssa.gov/. Having this number and beginning work at a job that participates in the Social Security program enrolls one in the program. When an individual is ready to make a claim, he or she can apply to receive Social Security retirement benefits on the above-referenced site.

Funding and financial condition of the program16

Funding

The Social Security program is funded primarily by a 12.4% payroll tax levied on employers and workers (each pay 6.2%, self-employed individuals pay the entire 12.4%). During the periods discussed in this report, there were two temporary tax rate reductions. For calendar year 2010, most employers were exempt from paying the employer share of OASDI tax on wages paid to certain qualified individuals hired after February 3. For calendar years 2011 and 2012, the OASDI tax rate was reduced by 2 percentage points for employees and for self-employed workers, resulting in a 4.2% effective tax rate for employees and a 10.4% effective tax rate for self-employed workers. Reductions in tax revenue due to these lower tax rates were made up by transfers from the general fund of the Treasury to the OASI and DI trust funds.

The payroll tax is levied on employee earnings up to a maximum taxable amount, which varies each year. Recent maximum taxable earnings were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1980

 

$

25,900

 

1990

 

$

51,300

 

2000

 

$

76,200

 

2005

 

$

90,000

 

2010

 

$

106,800

 

2016

 

$

118,500

 

2017

 

$

127,200

 

2018

 

$

128,400

 

2019

 

$

132,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

When the Social Security trust funds have surpluses, our Government generally uses the excess funds to purchase Treasury securities. Therefore, the trust funds earn some interest income.

Financial condition

Social Security funds are deposited in trust funds. The table below shows that at the end of 2017, the OASDI trust funds had an aggregate balance of $2.9 trillion.

Old-Age and Survivors Insurance and Disability Insurance trust funds

Fiscal year (in millions)

1980

 

 

1990

 

 

2000

 

 

2010

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash income 1

$

117,439

 

 

$

307,921

 

 

$

561,321

 

 

$

788,061

 

 

$

950,223

 

 

$

992,091

 

 

$

992,568

 

 

$

1,051,120

 

Social insurance and retirement receipts (payroll taxes)

 

113,209

 

 

 

281,656

 

 

 

480,584

 

 

 

631,687

 

 

 

810,180

 

 

 

850,618

 

 

 

854,747

 

 

 

914,303

 

Intergovernmental receipts:

 

4,230

 

 

 

26,265

 

 

 

80,685

 

 

 

156,281

 

 

 

139,971

 

 

 

141,396

 

 

 

137,745

 

 

 

136,690

 

Government employer share of employee retirement

 

1,204

 

 

 

5,567

 

 

 

7,637

 

 

 

14,936

 

 

 

16,936

 

 

 

17,499

 

 

 

18,193

 

 

 

18,055

 

Interest

 

2,340

 

 

 

15,991

 

 

 

59,796

 

 

 

118,502

 

 

 

90,575

 

 

 

86,512

 

 

 

83,809

 

 

 

82,504

 

Other

 

686

 

 

 

4,707

 

 

 

13,252

 

 

 

22,843

 

 

 

32,460

 

 

 

37,385

 

 

 

35,743

 

 

 

36,131

 

Other cash income

 

 

 

 

 

 

 

52

 

 

 

93

 

 

 

72

 

 

 

77

 

 

 

76

 

 

 

127

 

Total cash outgo 1

$

118,559

 

 

$

249,705

 

 

$

409,473

 

 

$

706,351

 

 

$

916,073

 

 

$

944,904

 

 

$

987,904

 

 

$

1,044,606

 

Benefit payments

 

115,514

 

 

 

243,263

 

 

 

402,104

 

 

 

695,459

 

 

 

905,084

 

 

 

933,897

 

 

 

976,566

 

 

 

1,032,919

 

Payments to railroad retirement

 

1,442

 

 

 

3,049

 

 

 

3,697

 

 

 

4,392

 

 

 

4,663

 

 

 

4,523

 

 

 

4,943

 

 

 

4,946

 

Interest payments

 

 

 

 

1,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

1,494

 

 

 

2,273

 

 

 

3,606

 

 

 

6,390

 

 

 

6,198

 

 

 

6,246

 

 

 

6,423

 

 

 

6,626

 

Beneficiary services and other

 

109

 

 

 

38

 

 

 

66

 

 

 

110

 

 

 

128

 

 

 

238

 

 

 

(28)

 

 

 

115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surplus (deficit)

$

(1,120)

 

 

$

58,216

 

 

$

151,848

 

 

$

81,710

 

 

$

34,150

 

 

$

47,187

 

 

$

4,664

 

 

$

6,514

 

Adjustment to balances

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

(2)

 

 

 

(1)

 

 

 

(1)

 

Fund balance, end of year:

$

32,259

 

 

$

214,900

 

 

$

1,006,852

 

 

$

2,585,484

 

 

$

2,842,360

 

 

$

2,889,545

 

 

$

2,894,208

 

 

$

2,900,721

 

Invested balance

 

31,251

 

 

 

215,222

 

 

 

1,007,226

 

 

 

2,586,333

 

 

 

2,842,592

 

 

 

2,889,869

 

 

 

2,894,655

 

 

 

2,900,916

 

Uninvested balance

 

1,008

 

 

 

(322)

 

 

 

(374)

 

 

 

(849)

 

 

 

(232)

 

 

 

(324)

 

 

 

(447)

 

 

 

(195)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar amounts in this table may not agree to amounts for the same program in our financial statements or narrative discussion as 1) the data in this table may be on a different year (e.g. fiscal vs. calendar) basis and 2) the data in this table may be drawn from a source that prepares the data on an accrual rather than a cash basis.

†† Source: Office of Management and Budget.

††† Our website shows the OASI and DI trust fund financials separately. You can find them here.

1 Offsetting collections from Federal sources that are credited to the OASI account are treated as offsets to cash outgo rather than as cash income.

The Board of Trustees of OASI and DI Trust Funds projects the OASDI trust funds may become depleted as early as 2030. You can see their projections in Exhibit 99.06.

Medicare17

Fiscal year (in thousands)

1980

 

1990

 

2000

 

2010

 

2016

 

2017

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total enrollment by part: 1

 

28,433

 

 

34,251

 

 

39,688

 

 

47,720

 

 

57,073

 

 

58,517

 

 

59,920

Part A (Hospital Insurance)

 

28,002

 

 

33,747

 

 

39,257

 

 

47,365

 

 

56,729

 

 

58,173

 

 

59,577

Part B (Medical Insurance)

 

27,278

 

 

32,567

 

 

37,335

 

 

43,882

 

 

52,094

 

 

53,369

 

 

54,575

Part C (Private Insurer-Provided Medicare)

na

 

 

2,017

 

 

6,856

 

 

11,693

 

 

18,392

 

 

19,815

 

 

21,331

Part D (Outpatient Prescription Drug Insurance)

na

 

na

 

na

 

 

34,772

 

 

43,217

 

 

44,480

 

 

45,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar amounts in this table may not agree to amounts for the same program in our financial statements or narrative discussion as 1) the data in this table may be on a different year (e.g. fiscal vs. calendar) basis and 2) the data in this table may be drawn from a source that prepares the data on an accrual rather than a cash basis.

†† Source: Office of Management and Budget.

††† We limited the data in this table to the years presented to provide the most recent data but to also fit the table to the page. Additional years of data and more detail may be found on our website. Click “More detail” to access it.

na An “na” reference in the table means the data is not available.

1 Starting in 1983, includes amounts from Postal Service.

Medicare is our country’s health insurance program for people age 65 or older. People younger than age 65 with certain disabilities, permanent kidney failure, or amyotrophic lateral sclerosis (Lou Gehrig’s disease) can also qualify for Medicare. The program helps with the cost of healthcare, but it does not cover all medical expenses or the cost of most long-term care. As of 2013, on average, Medicare covered about 66%18 of the healthcare charges for those enrolled. A person can buy a Medicare supplement policy from a private insurance company to cover some of the costs that Medicare does not. Medicaid may also cover a portion of costs for those who are eligible.

In 2018, Medicare provided benefits to 60 million Americans, 85% (51 million) of whom were age 65 and older and 15% (9 million) of whom were disabled.

In 2017, Medicare payments (net of premiums of $100 billion) were $597 billion or 10% of our Government’s aggregate expenditures. Partially offsetting these expenditures (but shown separately as a payroll tax revenue in our income statement) were $260 billion of Medicare tax receipts, which comprised 5% of our Government’s aggregate revenue.

Programs

Medicare is the combination of two separate programs with three parts:

  • the Hospital Insurance (HI) program, also known as Medicare Part A:
    • Part A covers in-patient hospital treatment along with some other medical services, with 58 million enrollees as of 2017; and
  • the Supplemental Medical Insurance (SMI) program, also known as Medicare Parts B and D:
    • Part B covers much of what Part A does not, such as physician visits, out-patient hospital treatments, and some drugs, with 53 million enrollees as of 2017; and
    • Part D is the newest addition to the Medicare program (introduced January 1, 2006) and provides subsidies for prescription drugs, with 44 million enrollees as of 2017.

Medicare Part C (aka Medicare Advantage) is a privately-run health insurance option available via Medicare, with 20 million enrollees as of 2017. Part C enrollees pay premiums for their Part B, as well as additional fees to the private insurer, while the federal government covers an amount similar to what it would pay for the person to be enrolled in traditional Medicare.

Eligibility and enrollment

Part A

People age 65 or older, who are citizens or permanent residents of the US, are eligible for Medicare Part A at no cost if they:

  • or their spouse receives or is eligible to receive Social Security benefits or railroad retirement benefits;
  • or their spouse worked long enough in a government job through which they paid Medicare taxes; or
  • are the dependent parent of a fully insured deceased child.

If they don’t meet these requirements, they may be able to get Medicare Part A by paying a monthly premium. People who are already receiving Social Security retirement or disability benefits will be automatically enrolled in Medicare Parts A and B when they turn 65. Those who aren’t yet receiving Social Security benefits should enroll in Medicare Part A even if they don’t plan to retire at age 65. The enrollment period begins three months before the month of an applicant’s 65th birthday and continues for three months after the month he or she turns 65. One can enroll online at https://www.ssa.gov/, by phone, or by visiting a local Social Security Administration office.

Part B

Individuals eligible for Medicare Part A at no cost can enroll in Medicare Part B by paying a monthly premium. Some people with higher incomes will pay a higher monthly Part B premium. A person who is not eligible for Part A at no cost, can purchase Part B without having to buy Part A, if the person is 65 or older and is a US citizen or a lawfully admitted noncitizen who has lived in the US for at least five years. Those who fail to enroll in Part B when they are first eligible may be subject to a penalty if they enroll later. If, however, they are active employees past the age of 65 and are eligible for health insurance that their employer subsidizes, it may not be in their interest to enroll in Parts B or D until they retire.

Part C (Medicare Advantage)

Individuals who receive Part A and Part B benefits directly from our Government have original Medicare. Individuals who receive benefits from a Medicare Advantage organization or other company approved by Medicare have Medicare Advantage plans, which are offered by Medicare-approved private companies. Many of these plans provide extra coverage and may lower out-of-pocket costs. Individuals who have Medicare Parts A and B can join a Medicare Advantage plan.

Part D

Anyone who has Medicare Part A or Part B is eligible for Part D (Medicare prescription drug coverage). Joining a Medicare prescription drug plan, which charges an extra monthly premium, is voluntary. Some beneficiaries with higher incomes will pay a higher monthly Part D premium.

Participant costs

No part of Medicare pays for all of a beneficiary’s covered medical costs, and many costs are not covered at all. The program contains premiums, deductibles, and coinsurance, which the covered individual must pay out-of-pocket. Some people may qualify to have other governmental programs (such as Medicaid) pay premiums and some or all of the costs associated with Medicare. Deductibles and coinsurance are paid directly to providers and are excluded from this report. Premiums are reported in the financial statements within this report as reductions of Medicare expenditures rather than as revenues. See the overall discussion of what revenues are netted against expenses and why at Receipts that offset expenses above.

Most Medicare enrollees do not pay a monthly Part A premium, because they (or a spouse) have had 40 or more 3-month quarters in which they paid Federal Insurance Contributions Act (FICA) taxes. The benefit is the same no matter how much or how little the beneficiary paid as long as the minimum number of quarters is reached. Medicare-eligible persons who do not have 40 or more quarters of Medicare-covered employment (or a spouse who does) may buy into Part A for a monthly premium of:

  • $252 per month (as of 2020) for those with 30 – 39 quarters of Medicare-covered employment, or
  • $458 per month (as of 2020) for those with fewer than 30 quarters of Medicare-covered employment and who are not otherwise eligible for premium-free Part A coverage.

Most Medicare Part B enrollees pay an insurance premium for this coverage. Part B premiums for 2020 are $144.60 to $491.60 per month, depending on the enrollee’s yearly income, with the highest premium paid by individuals earning more than $500,000 or married couples earning more than $750,000.

Premiums for Parts C and D vary by plan, and some Part C plans do not charge premiums.

Funding and financial condition of the program

Funding

Each part of Medicare relies on different funding mechanisms:

  • Part A is largely funded by a 2.9% payroll tax levied on employers and workers (each pay 1.45%; self-employed individuals pay the entire 2.9%). Beginning in 2013, the rate of Part A tax on earned income exceeding $200,000 for individuals ($250,000 for married couples filing jointly) rose to 3.8% (paid 2.35% by employee and 1.45% by employer, or 3.8% by a self-employed individual), in order to pay part of the cost of the subsidies mandated by the Patient Protection and Affordable Care Act (PPACA).
  • Part B is funded primarily by revenue from the federal government general fund and by premiums paid by Medicare enrollees.
  • Part C is funded by the Medicare Trust Funds at a fixed amount per month, plus any additional premiums paid by Part C plan members.
  • Part D is financed primarily by revenue from the federal government general fund with small amounts coming from enrollee premiums(17% of funding in 2018)and transfers from states(12% of funding in 2018). In 2006, a surtax was added to Part B premiums for higher-income seniors to partially fund Part D.

Financial condition

Each of the three primary parts of Medicare (Parts A, B, and D) has its own account managed by trustees (a trust fund account). Part C does not have a trust fund.

Medicare trust funds financials

At the end of fiscal year 2017, the HI (Part A) trust fund had a balance of $198 billion and the SMI (Parts B and D) trust fund had a balance of $68 billion, for a combined balance of $272 billion.

Fiscal year (in millions)

 

1980

 

 

1990

 

 

2000

 

 

2010

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash income

 

$

35,690

 

 

$

125,697

 

 

$

248,921

 

 

$

505,217

 

 

$

688,714

 

 

$

718,533

 

 

$

746,142

 

 

$

785,384

 

Social insurance and retirement receipts (payroll taxes)

 

 

23,217

 

 

 

68,556

 

 

 

135,529

 

 

 

180,068

 

 

 

246,812

 

 

 

255,930

 

 

 

260,659

 

 

 

277,572

 

Excise taxes (SMI)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,853

 

 

 

4,147

 

 

 

4,095

 

 

 

2,437

 

Intergovernmental receipts:

 

 

9,529

 

 

 

45,531

 

 

 

91,333

 

 

 

250,528

 

 

 

334,121

 

 

 

347,119

 

 

 

358,230

 

 

 

373,067

 

Government employer share for government employee retirement 1

 

 

249

 

 

 

2,153

 

 

 

2,630

 

 

 

4,042

 

 

 

4,285

 

 

 

 

4,416

 

 

 

4,478

 

 

 

4,479

 

Interest

 

 

1,477

 

 

 

9,370

 

 

 

13,630

 

 

 

17,602

 

 

 

10,063

 

 

 

9,769

 

 

 

9,733

 

 

 

9,673

 

Federal payment (OASDI taxes)

 

 

 

 

 

 

 

 

8,787

 

 

 

13,760

 

 

 

23,022

 

 

 

24,206

 

 

 

24,192

 

 

 

23,781

 

Federal contributions and other

 

 

7,803

 

 

 

34,008

 

 

 

66,286

 

 

 

215,124

 

 

 

296,751

 

 

 

308,728

 

 

 

319,827

 

 

 

335,134

 

Premium income

 

 

2,944

 

 

 

11,607

 

 

 

21,907

 

 

 

65,307

 

 

 

90,752

 

 

 

100,029

 

 

 

111,738

 

 

 

120,150

 

Other cash income 2

 

 

 

 

 

3

 

 

 

152

 

 

 

9,314

 

 

 

14,176

 

 

 

11,308

 

 

 

11,420

 

 

 

12,158

 

Total cash outgo

 

$

35,034

 

 

$

109,709

 

 

$

219,022

 

 

$

525,640

 

 

$

698,610

 

 

$

708,298

 

 

$

711,502

 

 

$

782,547

 

Benefit payments

 

 

33,937

 

 

 

107,172

 

 

 

214,867

 

 

 

518,832

 

 

 

690,118

 

 

 

699,784

 

 

 

701,888

 

 

 

772,844

 

Administrative expenses 3

 

 

1,080

 

 

 

2,298

 

 

 

3,042

 

 

 

5,279

 

 

 

6,023

 

 

 

5,527

 

 

 

6,660

 

 

 

6,660

 

Payments to the Patient-Centered Outcomes Research Trust Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123

 

 

 

 

131

 

 

 

 

144

 

 

 

145

 

Other

 

 

17

 

 

 

239

 

 

 

1,113

 

 

 

1,529

 

 

 

2,346

 

 

 

2,856

 

 

 

2,810

 

 

 

2,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surplus (deficit)

 

$

656

 

 

$

15,988

 

 

$

29,899

 

 

$

(20,423)

 

 

$

(9,896)

 

 

$

10,235

 

 

$

34,640

 

 

$

2,837

 

Adjustment to balances

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

2

 

 

 

1

 

 

 

5

 

 

 

(63)

 

Fund balance, end of year

 

$

19,029

 

 

$

110,158

 

 

$

213,968

 

 

$

350,842

 

 

$

255,292

 

 

$

265,528