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Name:
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Yankee06
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Subject:
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HEY GoneFishin
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Date:
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9/8/2009 1:24:35 AM
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GF,
-I'm getting an education on medicare thru these posts, -so thanks.
-I agree with you that seniors are "fortunate" to have medicare, just as they are to have social security. BUT (there's that "but" again",,I'm continually amazed when people tell me that I should be glad that the government, young workers, or both are nice enough to provide me these benies. That's just wrong.
-Social Security: I've posted before my thoughts on social security payments. I will have to live to be 81 before I get out of Social security what I put into it. Never mind what I would have in retirement funds if that money had been invested just in government bonds.
-Medicare: Medicare is different. Hopefully, I will never get out of medicare what I put into it, because if I did , it would mean I would be sick alot. Medicare takes about 3% of our salary during working years. Over the years I have paid upwards of $100,000 into medicare. Using the numbers you say we save in not having to pay part A premiums or all of part B premiums, I would be saving about $8,000 per year on premiums. However, if I take that $100,000 I paid into medicare, I would have all my premiums paid up for teh next 12 years or until I'm 77 years old. And if teh government had been smart enough to invest that $100,000, even in its own treasuries, I would probably be paid up till I'm a 177 years old. So, we have to ask if you are right when you say we seniors are "fortunate" to have medicare.
-Now , I understand that not everyone was fortunate enough to have paid medicare contributions that would have gotten them civilian insurance benefits equal to Medicare benefits, --or better. Thus medicare provides a low-wage earner with a better health insurance system in retirement than he/she would have had if medicare was not available. I'm all for that. BUt then let's understand and call it what it is, Medicare is a wealth-transfer insurance system, in which everyone is in teh same age/risk categories, but not everyone pays the same premiums.
-Medicare is faced with the same basic conceptual flaw as Social Security. When they were both instituted, the originators were not planning on such long life spans. In other words we were suppose to die in our late 60s or early 70s.
-Medicare has two additional flaws (well it has alot of additonal flaws), that also go to the heart of its cost problems. 1) the size of its insuree base (old people) keeps growing while its money from premiums keeps falling; 2) Insurance is an "odds" business. If an auto insurance company insures 100 cars, it knows only 1%-2% will be totalled each year. The company can absorb those costs. HOwever, medicare knows that 70%-80% (pick a number) of its insurees will be making big time claims each year. HOw you gonna change those odds? ---No, don't say pull-the-plug on granny!
-Bottomline. Medicare is great for most seniors and good for some. I don't think it's bad for anyone, -----except the treasury of coourse!
But we must remember, Medicare is a government insurance company/program. It is not government health care.
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