http://healthblog.ncpa.org/saving-for-health-care-in-retirement/ Health Care Policy and Reform Insights | NCPA Sun, 12 Feb 2012 00:03:44 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://healthblog.ncpa.org/saving-for-health-care-in-retirement/comment-page-1/#comment-67573 Venkat Mohan Wed, 23 Jun 2010 12:38:57 +0000 http://www.john-goodman-blog.com/?p=6763#comment-67573 With the new Patient Protection and Affordable Care Act (PPACA), senior citizens of the nation are left with a double-edged sword with some seniors losing their Medicare benefits and others would gain from changes to the Medicare’s prescription-drug program. Under the PPACA, government payments to the Medicare Advantage plan would be cut over the next 10 years. The extra benefits offered by these plans could be dropped gradually due to budget constraints. Enrollment in Medicare Advantage plans would reduce resulting in increased load on the traditional Medicare services. Medicare would also experience increased demands of their services especially with the retirement of millions of baby boomers beginning in the near future. This would severely affect the access to quality health care and the nation would face a shortage of care providers in the coming years. The good news is that the government has initiated steps to reduce the ‘dough nut’ hole problem faced by the seniors with respect to their prescription drug benefits and the bill has set up an Independent Payment Advisory Board, that would review the process and submit legislative proposals in 2013. The seniors currently left with fewer choices with respect to their health care and long-term support services and a very uncertain future. With the new Patient Protection and Affordable Care Act (PPACA), senior citizens of the nation are left with a double-edged sword with some seniors losing their Medicare benefits and others would gain from changes to the Medicare’s prescription-drug program. Under the PPACA, government payments to the Medicare Advantage plan would be cut over the next 10 years. The extra benefits offered by these plans could be dropped gradually due to budget constraints. Enrollment in Medicare Advantage plans would reduce resulting in increased load on the traditional Medicare services. Medicare would also experience increased demands of their services especially with the retirement of millions of baby boomers beginning in the near future. This would severely affect the access to quality health care and the nation would face a shortage of care providers in the coming years.
The good news is that the government has initiated steps to reduce the ‘dough nut’ hole problem faced by the seniors with respect to their prescription drug benefits and the bill has set up an Independent Payment Advisory Board, that would review the process and submit legislative proposals in 2013.
The seniors currently left with fewer choices with respect to their health care and long-term support services and a very uncertain future.

]]> http://healthblog.ncpa.org/saving-for-health-care-in-retirement/comment-page-1/#comment-48236 Devon Herrick Thu, 12 Nov 2009 19:46:46 +0000 http://www.john-goodman-blog.com/?p=6763#comment-48236 This is another example how health care spending is on course to crowd out other areas of consumption. Even though Medicare pays 60% of retirees' medical bills, women still need up to $242,000 just to cover retiree health costS. A back-of-the-envelope calculation suggests women will consume $400,000 on health care after retirement. This is a significant amount. Over time per capita lifetime medical consumption will begin to exceed the cost of housing, transportation and food. This is another example how health care spending is on course to crowd out other areas of consumption. Even though Medicare pays 60% of retirees’ medical bills, women still need up to $242,000 just to cover retiree health costS. A back-of-the-envelope calculation suggests women will consume $400,000 on health care after retirement. This is a significant amount. Over time per capita lifetime medical consumption will begin to exceed the cost of housing, transportation and food.

]]> http://healthblog.ncpa.org/saving-for-health-care-in-retirement/comment-page-1/#comment-48234 Tom H. Thu, 12 Nov 2009 19:32:58 +0000 http://www.john-goodman-blog.com/?p=6763#comment-48234 If you are a senior and you think this is a good thing, see the above post. If you are a senior and you think this is a good thing, see the above post.

]]> http://healthblog.ncpa.org/saving-for-health-care-in-retirement/comment-page-1/#comment-48231 Stephen C. Thu, 12 Nov 2009 19:21:14 +0000 http://www.john-goodman-blog.com/?p=6763#comment-48231 Agree with Ken. It's about 70% government: 30% provate. No wonder seniors support the welfare state. Agree with Ken. It’s about 70% government: 30% provate. No wonder seniors support the welfare state.

]]> http://healthblog.ncpa.org/saving-for-health-care-in-retirement/comment-page-1/#comment-48228 Ken Thu, 12 Nov 2009 18:49:10 +0000 http://www.john-goodman-blog.com/?p=6763#comment-48228 Obviously, seniors are very dependent on government. Obviously, seniors are very dependent on government.

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