President Obama has stated that health care is a ticking time bomb. Without major reform, healthcare is capable of destroying the world’s economy.
What does this mean for our seniors? Medicare will change dramatically over the next decade. Premiums will increase, and taxes to support Medicare will significantly increase. At the same time, benefits will significantly decrease.
While this is clearly not an ideal scenario, people over age 65 will still have access to quality healthcare. With advance planning, they will be able to set aside the necessary funds to pay those higher premiums.
Health care to be rationed?
I want to raise two issues here, one for seniors and one for agents. At some point, “rationing” will be recommended to preserve Medicare’s solvency. That means the government will have to decide who deserves what care and how much can be given. What age will be too old to have your hip replaced?
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Obviously, having money creates more options, and I believe medical tourism will be a viable alternative for well-prepared seniors who face rationing.