Sometimes I Feel Like a Piece of Bologna

Medicare at Risk

The WacoTrib.com has an excellent article pointing out how both Medicare and Social Security are at risk due to escalating costs and poor management. Some key points in the article include:

Social Security is threatened both because it is underfunded and Congress refuses to act, and because of Medicare problems.

Social Security’s funding problems are big. Medicare’s funding problems are significantly bigger, threatening to overwhelm the entire federal budget if Congress fails to act.

Although separate, the Social Security and Medicare programs are actually intertwined. Seniors who receive Medicare must pay monthly premiums that are deducted from their monthly Social Security checks. Due to the runaway health care costs, Medicare premiums increase each year above the cost of living adjustments added to Social Security.

Out-of-pocket expenditures to cover Medicare premiums, deductibles and co-pays for parts B and D of Medicare will consume 29 percent of the average Social Security benefit check this year. A worker who is 30 today can expect premiums, deductibles and co-pays for parts B and D of Medicare to absorb about 50 percent of his initial Social Security benefit.

Without congressional action, out-of-pocket Medicare costs will exceed Social Security benefits for today’s newborns. At that point, Medicare will have eliminated Social Security.

Government auditors estimate fraud in the Medicare program adds up to billions of dollars annually. The Government Accountability Office lists Medicare as a “high-risk” program due to fraud and excessive costs.

With facts like this, why would we even consider government health insurance or Medicare for all? Yes, health care costs are exorbitant for everyone, but clearly, the government has prove for the past 40+ years can’t be trusted with either our money or our health care.

Labels: Medicare, Social Security