Medicare is changing! Like it or not!

Medicare recently made headlines with elections just around the corner! This write up is not about Republicans versus Democrats; it is about changing Medicare, irrespective of who or what political party takes office!

The reason is simply that Medicare cannot continue on its current course, so politicians are forced to deal with the elephant in the room. As expected, Medicare should run out of hospital care money by 2024, and incoming taxes will pay only 90% of benefits.

Who do we blame?

We could blame the 1.5 million baby boomers a year who signed up for Medicare, but that would be ridiculous. Obviously, this problem could have been solved much earlier. Others point to rampant abuse and fraud in the $1 billion Medicare system. Another problem is 20-30% of Medicare spending wasted on unnecessary procedures.

The future of Medicare

You don’t need a crystal ball to see what Medicare will look like in the future; Just listen to what current and future employees will be chosen. Democrats and Republicans agree on things like:

  • Limit the overall growth of Medicare spending.
  • Having senior and middle class retirees pays more money.
  • Increase the age of eligibility.

The latter seems a bit familiar. Oh yes, it’s true! It is already being done for Social Security benefits. The chances of someone between 40 and 40 receiving Social Security or Medicare benefits are diminishing.

One of the main proposals in the market was the 100% privatized Medicare proposed by Paul Ryan. You have now changed your plan to include original Medicare as an option. What most people don’t realize is that privatized Medicare already exists in the form of Medicare Advantage. In fact, 25% of all Medicare beneficiaries are enrolled in a Medicare Advantage plan. These plans in the current state make sense to many beneficiaries who want to control costs and take advantage of the savings offered by these plans by visiting Medicare benefit plans are offered by many companies such as Humana, United Healthcare, Wellcare and Health Springs.

The final result

For people above the age of 55, there is a probability that you will not see any change in Medicare benefits, since most legitimate proposals are not addressed. However, if you are under 55 years old, be prepared so that the status quo is not acceptable. Medicare for you will be very different if it is still there!