Will The Boomer Generation Kill Medicare?
What Is Medicare?
Medicare is the government's way of helping to take care of the health care needs of its senior citizens. Medicare is an entitlement program that was set up to help out those who are not bringing in the income that they used to. Namely, this means that this program was set up to help out senior citizens. It is also the case that seniors tend to use more health care than any other group of people. In order to make sure that these seniors did not have to go bankrupt just to pay for their health care needs, the Medicare program was set up.
How Is The System Set Up?
Medicare is paid for in a different way than most other things. If you are currently working and receiving a paycheck, then you are paying into the system yourself. Medicare payments are taken out of your paychecks in order to help fund the program. Those who are receiving benefits right now are able to do so using the money that you are pouring into the system. At the same time, you will receive your benefits from others who pay into the system when you are ready to retire.
Will The System Last?
Having a payment system like the one that Medicare has can be dangerous. The baby boomer generation may well wipe out the system for everyone else. There are so many baby boomers to take care of on this system that it has become quite difficult. There is a lot of money being spent, but not as much money being poured in. If this kind of system continues, then we are likely to see that the system could well collapse leaving nothing for those who have yet to receive their benefits.