Will Baby Boomers Hurt Medicare?
What Is Medicare?
Medicare is the government run health insurance plan for seniors. Medicare is an entitlement program that all Americans are guaranteed just for being a citizen. It is a way of making sure that we are taking care of those who are having a difficult time with no income and high health care costs. It is somewhat similar to the universal health care programs of other countries. In general, Medicare has helped lift millions of seniors out of poverty and keep them out of poverty.
The Payment System Of Medicare
One of the unique things about Medicare is the way that it is paid for. The workers of today are putting money into the system with each paycheck to take care of the seniors of today. Then, when the workers of today become seniors, then the workers of the next generation will pay for them. It is this cycle of payment that has worked for years, but it is the same system that may bring Medicare to an end.
The Future Of Medicare
The main problem with the way that the system is working is that there are more people than ever who are now qualified to receive Medicare, but there are more people than usual out of work. This means that not as much money is going into the system, but more money is going out. While the problem is serious, the program is not in immediate danger. The worry is that it may not be able to stick around for more than a few more decades from now. With people living longer and using up more health care, one has to wonder if the baby boomer generation is not destroying the system. Hopefully something can be done to save it, but early indications are not good.