Medicare is rapidly running out of money: Alex Azar

Health and Human Services (HHS) Secretary Alex Azar told FOX Business on Thursday that Medicare is rapidly running out of money.

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“Medicare will run out of money and that’s why, other than looking at ways to hurt the rest of our private health-care system or undermine health care, we should be focused as the president is on how do we shore up Medicare? How do we protect Medicare? How do we improve Medicare for our seniors rather than undermining it,” he told Stuart Varney.

The department spends an average of $100 billion per month, according to the Treasury Department. Medicaid and Medicare account for 86 percent of the estimated costs. Azar said this number is already so big, it makes Medicare-for-all impracticable. It would add up to another $276 billion per month at the HHS.

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“Even by their estimates, the Medicare-for-all government takeover of health care would cost $32 trillion over the next 10 years,” he said.