Be Careful What You Vote For

With the economy in a mess these days and the presidential elections only a few weeks away, candidates and lawmakers are saying all sorts of things about what they will be doing to fix the problem.  They are “debating” about raising and lowering taxes, bailing out insurance companies and banks, and a thousand other ways to help the economy get straightened out.

One question that is continually asked by the public – especially seniors – is: What is going to happen to Medicare?  We know that Medicare has its own financial struggles and needs support to stay solvent.  The candidates say that they will continue to support Medicare.

The reality, however, is that there may be support for Medicare in the beginning – to get elected – but over time, there could be problems.  For instance, John McCain has a record of trying to cut Medicare benefits and has stated that if he becomes president, he will cut $1.3 trillion from Medicare during the next 10 years to fund his healthcare plan.  $1.3 trillion is a ton of money! 

With Medicare struggling as it is, cutting this amount of money would severely limit the amount of new enrollees to the program and would create the need for extensive changes in coverage in order to save money.  With the system running slim right now, how much more could we cut?

This would also cause individuals with private insurance to pay for many things out of their own pocket.  Individuals who are retired and on limited incomes and who rely on Medicare are not usually in a position to do so.  There would also be ramifications to individual states and to their Medicaid and CHIP programs.

In addition to all of this, there are hidden taxes that we don’t see.  Besides shifting the cost of many types of care and procedures to the private insurance companies, the public would end up with the tax burden of funding the shortfall.

This may or may not be a good plan.  It is not for the writers of this column to decide.  It is important, however, before you vote, that you determine what the candidates propose to do regarding Medicare.  They have finally laid out their plans to rescue the economy and somewhat deal with Medicare.  Do your research so that you know what you will be voting for. 

Filed under: General-Medicare

Tags: General-Medicare, medicare benefits, Medicare Cuts, presidential election