Raising the Medicare Age

[somarco]

Once again Congress is looking for ways to "save" Medicare. One consideration is to raise the qualifying age from the current 65 to 67.

According to Medicare Rights this could cause almost 2 million people to lose their health insurance.
New Study Highlights Impact of Raising the Medicare Eligibility Age - Medicare Rights Blog

Such changes would be phased in and impact future retirees only.

Why do the efforts to "save" Medicare, or Social Security, always involve reducing benefits? There are a lot more people in the workforce than are collecting SS or getting their health insurance from Medicare.

Why not increase the FICA and Medicare tax?

 

[GreenSky]

If they really want to save Medicare it's stupid to raise the eligibility age. Typically older people are sicker than younger people.

To "save" Medicare just the opposite would work better. Lower the eligibility age to get healthier people in the pool.

Of course, logic and government never mix.

Rick

 

[rhcbp]

I agree Rick. My wife and I are 59 and pay $500 a month each for a plan with a $4000 deductible. At age 60 they could make the part b premium $400 and most people would have better and cheaper coverage.

The other effect, people would retire earlier because we all see men who continue to work until they are 66, 67,68 because their wife is younger and they are waiting for her to turn 65 to retire. This would be good for the labor force.

 

[G.Gordon]

I'm with the lower it not raise is school of thought as well. Actuaries don't lie, the younger ones are cheaper for a reason.

I could see, as a result of the ACA implosion, a stair stepped entry to medicare like insurance starting at age 55.

 

[axeman462]

better way to save money would to have medicare pay only 79% of the costs as opposed to 80%

 

[sman]

Once again Congress is looking for ways to "save" Medicare. One consideration is to raise the qualifying age from the current 65 to 67.

According to Medicare Rights this could cause almost 2 million people to lose their health insurance.
New Study Highlights Impact of Raising the Medicare Eligibility Age - Medicare Rights Blog

Such changes would be phased in and impact future retirees only.

Why do the efforts to "save" Medicare, or Social Security, always involve reducing benefits? There are a lot more people in the workforce than are collecting SS or getting their health insurance from Medicare.

Why not increase the FICA and Medicare tax?

Hold your horses there grandpa (and I say that with the utmost affection ). Read my lips, no new taxes.

I ran a hypothetical using the Vanguard STAR Fund. Just an average fund in regards to performance. I went back and entered in my annual social security tax as an investment. I just turned 47 in December. My balance would be a little over $610,000 today. If I continued at my current income level (maxing out social security taxes as an investment) until age 67 (full retirement age) and the fund averaged a 7% annual return, I would have over $3 million in that account. I doubt very seriously me or my family will ever see anywhere close to $3 million from Social Security.

But as we all know, privatizing Social Security is evil and means we want people to become homeless and starve in the streets. I'd be happy if they allowed us the option of investing only the employee portion of Social Security taxes. Make the government employees Thrift Savings Plan investment options the only ones available to invest in. Just give us the option. But I digress.

 

[somarco]

While I appreciate your contribution, and apology for the slight on my age, this thread is really about funding Medicare.

In 2015 the feds took in slightly over $1 trillion in payroll taxes to fund social programs like Medicare and SS. Increase payroll tax collections by 1% adds another $10 billion in revenue. Withholding taxes are "silent". Most people pay no attention to their pay stub.

New taxes are going to be needed sooner rather than later to pay for Pres. Joe Cool's 8 years in office that ran up $9 trillion in new debt. This doesn't even begin to account for the additional unfunded liabilities for govt cheese handouts to illegal aliens, I mean undocumented guests.

I never hear DC talk about cutting welfare and other low income programs but they have no problem cutting benefits to people who have been here legally and paid into the system most of their lives.

Wonder why that is?

 

[goillini52]

While I appreciate your contribution, and apology for the slight on my age, this thread is really about funding Medicare.

In 2015 the feds took in slightly over $1 trillion in payroll taxes to fund social programs like Medicare and SS. Increase payroll tax collections by 1% adds another $10 billion in revenue. Withholding taxes are "silent". Most people pay no attention to their pay stub.

New taxes are going to be needed sooner rather than later to pay for Pres. Joe Cool's 8 years in office that ran up $9 trillion in new debt. This doesn't even begin to account for the additional unfunded liabilities for govt cheese handouts to illegal aliens, I mean undocumented guests.

I never hear DC talk about cutting welfare and other low income programs but they have no problem cutting benefits to people who have been here legally and paid into the system most of their lives.

Wonder why that is?

How do you feel about "Sanctuary Cities" and their *** Mayors Bob? I'm betting you feel the same way I do.

 

[sman]

While I appreciate your contribution, and apology for the slight on my age, this thread is really about funding Medicare.

Yes, but since you mentioned raising FICA I figured I'd throw my two cents in.

In 2015 the feds took in slightly over $1 trillion in payroll taxes to fund social programs like Medicare and SS. Increase payroll tax collections by 1% adds another $10 billion in revenue. Withholding taxes are "silent". Most people pay no attention to their pay stub.

No doubt most people don't pay much attention to it. But those of us who get to pay both sides of it (employer and employee) tend to be more aware of just how much is being "contributed".

I never hear DC talk about cutting welfare and other low income programs but they have no problem cutting benefits to people who have been here legally and paid into the system most of their lives.

Wonder why that is?

I'll give you three guesses...but I have a sneaky suspicion you'll only need one.

 

[somarco]

How do you feel about "Sanctuary Cities" and their *** Mayors Bob? I'm betting you feel the same way I do.

Sanctuary cities are in violation of federal law. They should be punished for harboring criminals. That's how I feel.

But those of us who get to pay both sides of it (employer and employee) tend to be more aware of just how much is being "contributed".

FWIW I am still working and paying FICA and Medicare taxes (both halves). Next Tuesday I have to write out a big check for quarterly and year end taxes to the state and fed's. All totaled that represents about 70% of my gross pay for the 4th quarter. Granted, some of that is for annual taxes due, but still, I am definitely paying my "fair share".

I just singes my butt to hear DC critters talk about saving Medicare (and SS) by cutting benefits. They have mismanaged the "Trust Fund" for years and now expect to balance things on the backs of people who have worked their entire lives and now many of them live from SS check to SS check. That's just not right.

While I have lost several hundred thousands of dollars due to Obamacare my complaint about that disaster is not personal. I shifted to something else and now am making more than I was 3 years ago peddling Obamacrap.

My issue with Ocrap is, and always was, the people who can no longer afford health insurance and either buy limited coverage plans, go into sharing programs or go naked.

That my friend is criminal.

Welfare benefits are not cut because the majority are on the govt tit and vote Democrat. While there are plenty of people on SS & Medicare that also vote D a good number of them vote R.

Politicians realize realize if they can get a 20 yr old on the govt tit they will vote D for 50+ years. But old farts like me may only have 20 yrs left to vote so we don't matter.