There are several truths in life… death, taxes, and the inability of Congress to pass legislation that is actually beneficial to the American people. And with our welfare and benefit system growing from a safety net scheme 70 years ago, to now a massive boondoggle encompassing nearly two-thirds of the entire annual budget, eventually something had to crack, and it is coming this time in potentially new increased costs for Medicare premiums for those stuck in fixed incomes.
Nearly a third of the roughly 50 million elderly Americans who depend on Medicare for their physician care and other health services could see their premiums jump by 52 percent or more next year. That’s because of a quirk in the law that punishes wealthier beneficiaries and others any time the Social Security Administration fails to boost the annual cost of living adjustment.
Unless Congress or Health and Human Services Secretary Sylvia Mathews Burwell intervenes, an estimated 15 million seniors, first-time beneficiaries or those currently claiming dual Medicare and Medicaid coverage will see their premiums jump from $104.90 per month to $159.30 for individuals, according to an analysis by the Center for Retirement Research at Boston College. Higher-income couples would pay multiples of that increase. – Yahoo Finance
In addition to a rise in Medicare premium payments of at least 34%, premiums for health insurance under Obamacare are already expected to rise in some cases by as much as 50%.
Like the rise in education costs over the past 30 years, healthcare costs are second on that list of the most inflationary expenditures to both the consumer, and the Federal government. However, in both instances more money spent has resulted in a much worse outcome as Americans rank in the lower 30’s globally in overall literacy, and are 11th in many categories in a ranking of 11 developed nations on their overall healthcare programs.
When a government like the U.S. has the power to print money without being answerable or responsible for where it goes, the end results are almost always inefficiency, and a lack of competitiveness that no longer keeps products and services in check cost wise, and of a quality that is expected in the marketplace. And since the U.S. government has chosen to de facto nationalize healthcare of all Americans, it is no surprise that each year it will continue to cost you more for a coverage that provides you less and less.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.