The projection of eligible people on Medicare is burgeoning from 47 million to 78 million between 2010 and 2030. Yet, the Part A Medicare hospital insurance fund will not be able to provide full benefits as of 2019. The Kaiser Family Foundation states “financing care for future generations is perhaps the greatest challenge facing Medicare, due to sustained increases in healthcare costs, the aging of the U.S. population and the declining ratio of workers to beneficiaries”.
Scary? Yes. Exaggeration? No. These are cold hard facts unless the system is revamped which is what the Affordable Care Act of 2010 was designed to do with provisions structured to stretch the time of Medicare solvency while slowing Medicare spending. AARP stands behind this Act stating it “can say with confidence that it meets the twin goals of making generic ventolin inhaler online coverage affordable to younger members and protecting Medicare for seniors with improved benefits for people in Medicare and needed health insurance market reforms to help ensure every American can purchase affordable health coverage.”
So what is not being said? Few people in government will confirm that healthcare rationing will obviously be the new standard of the future. What that means to you personally is anyone’s guess. But, it may be time to look into a few things while you are still healthy and of sound mind:
- Designate an advocate for your health (and death). Let this person know exactly how you feel on various topics and situations
- Look into the possibility of Long Term insurance that will pay for nursing care ( or nursing facility) when you become infirm
- Prepare financially for the inevitable