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Parents can name an irrevocable life insurance trust as the owner and beneficiary of the policy.
In addition, he oversaw the expenditure of another $4 billion in State Unemployment Insurance trust funds.
Medicare actuaries and trustees say Medicare's hospital insurance trust fund will be exhausted in 2024 under current law.
And Medicare's hospital insurance trust fund will be depleted in 2024, the same as last year's estimate, it said.
Obama administration officials say the 2010 law improved Medicare's finances and extended the life of its hospital insurance trust fund.
Medicare's hospital insurance trust fund will be solvent until 2025, two years later than previously projected, Dr. Shalala said.
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Another alternative is creating a life-insurance trust as the beneficiary of the policy in estate planning.
The Medicare Hospital Insurance trust fund will go bankrupt by 2024.
The Hospital Insurance trust fund is already under some strain.
The Medicare Hospital Insurance trust fund, which finances about half the federal program, is projected to be fully depleted by 2030 unless Medicare is restructured.
Medicare's Hospital Insurance Trust Fund pays hospital bills for beneficiaries admitted to hospitals.
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