Trustees Report & Trust Funds: “The Medicare Program is the second-largest social insurance program in the U.S., with 44.1 million beneficiaries and total expenditures of $432 billion in 2007. The Boards of Trustees for Medicare (also Boards) report annually to the Congress on the financial operations and actuarial status of the program. Beginning in 2002, there is one combined report discussing both the Hospital Insurance program (Medicare Part A) and the Supplementary Medical Insurance program (Medicare Part B and Prescription Drug Coverage). The Office of the Actuary in the Centers for Medicare & Medicaid Services (CMS) prepares the report under the direction of the Boards. The Boards of Trustees issued their most recent report on March 25, 2008.”