Healthcare

Bad to Worse – HumbleDollar

Proponents of Medicare for All in the style of Sen  Sanders and Jayapal claim overall savings in large part from lower administrative costs and lower fee payments to health care providers, but how does that work for those of us currently covered by Medicare? Medicare already pays lower fees and has low (too low) administrative costs. Who will pay for the added benefits and elimination of out-of-pocket costs for us seniors?

Funding for Medicare for All remains a mystery … maybe for good reason.

Read the full story in my article on HumbleDollar via the link below.

IF YOU’RE in a financial hole, is it prudent to keep digging?

There are 60 million Americans covered by Medicare, including 20 million who have opted for Medicare Advantage. These beneficiaries paid for their coverage through payroll taxes during their working years, and they currently pay with premiums and out-of-pocket cost sharing, as well as through taxes on Social Security benefits.

Still, this covers only a portion of total costs. In 2013, 38% of Medicare’s costs came from payroll taxes and 13% from Medicare premiums, but 41% came from general tax revenue. Our immediate problem: All of the above funding is inadequate to sustain current Medicare, let alone expand it. Medicare’s Trustees estimate the 75-year unfunded liability at $37 trillion.

 

Source: Bad to Worse – HumbleDollar

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2 replies »

  1. Most SS Medicare recipients pay over $1600 a year for Medicare plus co- pays, for Specialists plus medicine co pays ordered How many American are willing to pay that much, plus that is only for one person. For some reason Americans think Medicare is free. It is not. There are still additional costs involved. I do not think that most Americans are willing to pay that much so I believe we will find more people will be using the free clinics rather than those out of pocket expenses putting more expenses on the government for the free, or close to free clinics, depending on your income. Of course with the influx of immigrants coming into this country who qualify for free health care, one will wait in line for appointments, procedures, etc. I believe Medicare for all is not the answer . American people are not aware of premiums of Medicare as it presently is in place and what actual costs are for individuals/families. Nothing is free!.

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    • @Evelyn K Hayes – I agree. My wife and I will be 65 in 2021 and will pay $3,600 just in premiums. My wife and I have Tricare for LIfe because I am a military retiree. Once we are on Medicare it becomes the first payer and then Tricare will pick up any balance. Sure, I am lucky I have both coverages, but I have to sign up as soon as I qualify for Medicare, or my Tricare insurance goes away. A 10% cut in my income paying Medicare premiums for myself and wife, so much for Tricare for Life. I go to the doctor about once every 3 years for basic blood work and my wife goes twice per year for depression medication management. I view the Medicare premiums as insurance for future medical issues in our 70s and 80s as we have had minimal medical costs during our lives, so far.

      Anyone who thinks Medicare for All will be any different than the Veterans Administration SNAFU, is crazy.

      S – Situation
      N – Normal
      A – All
      F – F ‘ Ked
      U – Up

      Like

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