If you think I am pessimistic, you should read this article from Forbes:
The Trustees of the Medicare program have released their annual report on the solvency of the program. They calculate that the program is “expected to remain solvent until 2024, the same as last year’s estimate.” But what that headline obfuscates is that Obamacare’s tax increases and spending cuts are counted towards the program’s alleged “deficit-neutrality,” Medicare is to go bankrupt in 2016. And if you listen to Medicare’s own actuary, Richard Foster, the program’s bankruptcy could come even sooner than that.
What? Three years? Can this be right?
Exercise will reduce future medical expenses. I am not ready yet. I think it was in the early 80's that I understood that I would be on my own when I was older—no help from the government. At the time philosophically this made sense to me, and it still does. I have tried to be ready for this, but I have not yet finished my preparations. Are you ready? Do you really expect the government to cut you a check every month until you die? Even a great skeptic like me expected a few years of senior welfare. Instead I think we will have señor welfare where large number of seniors with moderate means go to southern countries and pay cash for their health care—saving about 80% of the cost. For me this would be Russia.
My wife was recently charged $1000 for antacid at the hospital. This was after the insurance paid their part.
What can't go on, won't go on. Are you ready for the coming crisis? I do not know how or when it will start, but it will come eventually. I have been saying 3 to 7 years if the current trends continue. I have been guardedly pessimistic and hope for a series of mini reforms to keep the wolf from the door. But it looks to me like the wolf is already in the house and in bed pretending to be grandma.
If you are my age, I am 58, be sure to treat your children with respect—they do have that spare bedroom now that your grandchild has left. That bed might look pretty good in a few years.
When will it break?