My inlaws are retired ex-government workers so they have an ok pension and are also on Medicare because that is the only option, once you get to Medicare age the government doesnt allow you to stay on the plan you were under prior..
Anyhoo..I help them out with taxes every year because they are getting older and I do a check on things and make sure their forms are clean etc...
So they were complaining that Medicare premiums keep going up every year and it is auto taken from their SS benefits, so that figure shrunk again this year.
I asked them "well how much did you pay in for Medicare over your earning years, and how much have you taken out via benefit since retired?"
The truth is that for a good 30 years the Medicare funding was not projected even remotely accurately, not even close..and it has been known for a solid 20 yrs that healthcare inflation is much higher than the general core, so why were the rates increased and why are people shocked that premiums are going up?
Boomers are a huge part of the population and the cost of healthcare benefits swamp what was paid in for earning years, I estimate that likely the payin MIGHT last 5 retired years, maybe that is even a bit high..
People who retire often times are not planning properly, so when the healthcare inflation eats them alive they have no recourse, no choices...and it is going to get WORSE for those currently working and not planning.
On topic here...
My inlaws are retired ex-government workers so they have an ok pension and are also on Medicare because that is the only option, once you get to Medicare age the government doesnt allow you to stay on the plan you were under prior..
Anyhoo..I help them out with taxes every year because they are getting older and I do a check on things and make sure their forms are clean etc...
So they were complaining that Medicare premiums keep going up every year and it is auto taken from their SS benefits, so that figure shrunk again this year.
I asked them "well how much did you pay in for Medicare over your earning years, and how much have you taken out via benefit since retired?"
The truth is that for a good 30 years the Medicare funding was not projected even remotely accurately, not even close..and it has been known for a solid 20 yrs that healthcare inflation is much higher than the general core, so why were the rates increased and why are people shocked that premiums are going up?
Boomers are a huge part of the population and the cost of healthcare benefits swamp what was paid in for earning years, I estimate that likely the payin MIGHT last 5 retired years, maybe that is even a bit high..
People who retire often times are not planning properly, so when the healthcare inflation eats them alive they have no recourse, no choices...and it is going to get WORSE for those currently working and not planning.
My inlaws are retired ex-government workers so they have an ok pension and are also on Medicare because that is the only option, once you get to Medicare age the government doesnt allow you to stay on the plan you were under prior..
Anyhoo..I help them out with taxes every year because they are getting older and I do a check on things and make sure their forms are clean etc...
So they were complaining that Medicare premiums keep going up every year and it is auto taken from their SS benefits, so that figure shrunk again this year.
I asked them "well how much did you pay in for Medicare over your earning years, and how much have you taken out via benefit since retired?"
The truth is that for a good 30 years the Medicare funding was not projected even remotely accurately, not even close..and it has been known for a solid 20 yrs that healthcare inflation is much higher than the general core, so why were the rates increased and why are people shocked that premiums are going up?
Boomers are a huge part of the population and the cost of healthcare benefits swamp what was paid in for earning years, I estimate that likely the payin MIGHT last 5 retired years, maybe that is even a bit high..
People who retire often times are not planning properly, so when the healthcare inflation eats them alive they have no recourse, no choices...and it is going to get WORSE for those currently working and not planning.
your dealing with the gamble, yes we all pay in for medicare from our pay. but if we do not get to the retirement age we will not materialize anything for the system we are paying into. same with social scarcity itself if you work till 69 years 11 months and die without taking a early retirement feature than your just garbage out of luck. hence with true accounting placing life expectancy at 60 and retirement at 72 would make tremendous sense to the bean counters, why universal health coverage for all will never materialize.
Quote Originally Posted by wallstreetcappers:
On topic here...
My inlaws are retired ex-government workers so they have an ok pension and are also on Medicare because that is the only option, once you get to Medicare age the government doesnt allow you to stay on the plan you were under prior..
Anyhoo..I help them out with taxes every year because they are getting older and I do a check on things and make sure their forms are clean etc...
So they were complaining that Medicare premiums keep going up every year and it is auto taken from their SS benefits, so that figure shrunk again this year.
I asked them "well how much did you pay in for Medicare over your earning years, and how much have you taken out via benefit since retired?"
The truth is that for a good 30 years the Medicare funding was not projected even remotely accurately, not even close..and it has been known for a solid 20 yrs that healthcare inflation is much higher than the general core, so why were the rates increased and why are people shocked that premiums are going up?
Boomers are a huge part of the population and the cost of healthcare benefits swamp what was paid in for earning years, I estimate that likely the payin MIGHT last 5 retired years, maybe that is even a bit high..
People who retire often times are not planning properly, so when the healthcare inflation eats them alive they have no recourse, no choices...and it is going to get WORSE for those currently working and not planning.
your dealing with the gamble, yes we all pay in for medicare from our pay. but if we do not get to the retirement age we will not materialize anything for the system we are paying into. same with social scarcity itself if you work till 69 years 11 months and die without taking a early retirement feature than your just garbage out of luck. hence with true accounting placing life expectancy at 60 and retirement at 72 would make tremendous sense to the bean counters, why universal health coverage for all will never materialize.
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