I am turning 65 in a few months - I got my Medicare Card this week. So things will be changing a bit for me. As a Ma Bell retiree I currently have good health insurance - not as cheap as it once was but pretty good. Even so, I do not think that my healthcare will change that much. My rant is more about the solvency of these government geriatric programs.
My parent's generation produced twice as many kids as mine. The consequences are that my kids will have a greater tax burden as more of us Boomers retire simply because there are fewer tax payers in the system to pay for the entitlements of seniors. I think that huge changes need to be made in Social Security and Medicare to compensate. A few thoughts:
- If they raise the eligibility to 70 (for example) that would mean that private insurers would have to cover people for an extra 5 years or so - who knows how that would play out.
- Another solution is to do means testing for these senior entitlements - seniors would probably feel the rug being pulled out from under them but it may be the best option to make these programs solvent.
- And then of course there is a tremendous amount of fraud that should be dealt with - even these types of investigations are expensive and cost tax payers money.
- Lastly, I hate to even mention it, the government could raise the earning limit (currently $117,000) for FICA (Federal Insurance Contributions Act) taxes causing people who make more money to pay more into these geriatric programs.