Worried about the death of Medicare reform? You should be. Simply stated, the future of Medicare Coverage as well as Medicare Reform is not guaranteed. In fact, considering the rising cost of healthcare coupled with the decrease in government funding almost guarantees its demise. In an article, published by the San Francisco Gate, Amanda C. Haury tells us exactly why we should be worried about the future of Medicare Reform.
The Death of Medicare Reform?
What Would Happen if the Medicare Program was Terminated? If the Medicare program was terminated, the financial situations of high risk groups such as the elderly and the disabled would significantly worsen. Seniors and disabled citizens would be forced to find health coverage elsewhere, and that may not be possible due to pre-existing condition clauses that are in place with many major insurance carriers. Additionally, premium costs could sky rocket because many insurance programs charge based on age-banding rules.
Expect Even Higher out of Pocket Costs
The death of Medicare would mean an increase in the financial burden on senior citizens and the disabled. Medical costs would skyrocket for these groups and there is no guarantee that they will be able to find a health insurance carrier to cover them without a waiting period. Even though the deductible for your Mostmedicar.com plan is high, the medical services that it covers are even higher. If the recipient is able to find an insurance carrier willing to cover them without a waiting period, they can expect to have their mouth drop in shock when they see the premium costs. An unfortunate truth is that individual coverage for senior citizens and disabled patients is nothing short of outrageous. In order to offset these high costs, a bit of financial planning is in order.
Why the Younger Generations Should Worry
Although retirement may seem like a long way off, it takes a lifetime to save up for a hearty retirement fund. If Medicare ceased to exist, you may need to save up even more money for your future retirement. In order to save up enough money for retirement, you would need to take full advantage of your 401(k), pension plans and retirement savings plans in order to optimize your retirement savings. The safety nets that older generations have come to depend on may not be around when you need them most.
The Bottom Line
Medicare protects the finances of senior citizens and the disabled by offsetting high medical costs that are common among these groups. The end of such an important program that helps support the people who need healthcare the most, would leave many of the same people in a very difficult financial predicament. With the future of Medicare being uncertain, it is never too early for younger generations to start saving up for their retirement. By the time the class of 2012 reaches retirement age, there is no guarantee that federal plans such as Medicare will still be in existence. Original Story Here.
The death of Medicare Reform would create an unbearable financial hardship for those who need it most now: the elderly and disabled. Even still, more alarming is the impact of future generations who have failed to save up for times like this. Is there any hope? You’re best bet is if you are eligible, make use of it now. Maximize the most of your benefits while you can.