Medicare...what will we do?
Per Forbes, about 10,000 people sign up for Medicare each day, and the trend is expected to continue through 2030 as baby boomers retire. If the low birth rate also continues, the percentage of Americans eligible for Medicare will climb from 13% today to about 20% 15 years from now, further straining the health care system.
I rememeber when folks on Medicare has 120 "Lifetime Reserve" days of hospital care (now it's only 60) ...this is the number of days you have to be in the hospital for the rest of your whole life once you're on Medicare at age 65! I also remember when there was no Part "D" to help the elderly with prescription drugs. Paring away at Medicare is tantamount to culling the herd. Let's face it, if folks can't afford their medicine, or have to cut it half to make it last, or take something that doesn't work as well but is cheaper...we are going to see the mortality table change.
Our tax system is crazy. We have half the population paying nearly 50% of their income in taxes while the other half is getting earned income credits, child credits, refund checks, stimulus checks. People who never paid a dime in taxes are receiving these items. In any country, on any team, in business or any kind of organization, things run better when everyone has some "skin in the game". This system is also swaying our political landscape. Politicians now promise these things in order to get elected while those who want these things are voting to keep them coming. It cannot last forever...it just cannot. Our entire system is a house of cards right now making the future an unknown for all.
It is more important then ever for folks to start saving for their own retirement and medical care. It's best to start saving as soon as you can while you're young and healthy. Life Happens and you never know when illness or injury will cause someone to be "uninsurable" or even a few extra pounds causing a rated up policy. The rates you get on whole and Universal Life policies can be level for he life of the plan so why take chance on waiting and having a a higher premium? Each year that ticks by in a higher premium for the rest of your life for those who are waiting for the"right time"to buy Insurance products.