Topic > The Burden of Medicare: Potential for Bankruptcy and Headed for Financial Decline

When Medicare was established, the purpose was to promote health services for eligible retirees age 65 and older to help with health care medical. The Medicare bill was signed into law by Lyndon B. Johnson, President of the United States, on July 30, 1965. The House and Congress established this plan on the dates of July 27 and 28, 1965. The politics of this bill have It's been around for almost a hundred years, so it doesn't seem like it. President Teddy R. Roosevelt first opposed the plan to incorporate health services and combine politics with the Social Security plan, but Congress obviously denied the proposed plan and rejected it. Later, almost more than a decade, President Truman made an almost similar proposal and turned it into a national health plan, but Congress, once again, thoughtlessly ignored it. From then on it was Dr Thomas Parran, associated with public health services in 1937, who developed the idea of ​​promoting it only for pensioners. This specific topic of Medicare, aimed at better helping the citizens of the United States, has been an ongoing battle to establish a reformed service plan that can be beneficial to the people. This essay discusses the difficulties of the current problems and political and financial tensions that have been in place for decades, and whether we can stay afloat from the Medicare challenges that our economy faces today and in the future. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayWhen you think of Medicare, you probably think of government disability assistance and security for health insurance. You would be right, but do you ever think about the potential financial problems related to government healthcare costs per American and what the effects will be for the future and current generation with Medicare? Times are changing and people are living longer. This is true. So, thinking about the future, it will cost the government in terms of health care outlays over the next 75 years an estimated $103.2 trillion. When premiums and tax costs average out, that will only cover up to $57.4 trillion. Sounds amazing, right? This means that for the financial side of the government, administrators say they are still out of money. This is causing a big problem when they don't even have the funds to help cover the costs they are paying for people using Medicare. The government is already in a crisis with current and future public funding. Let's look at what problems we have today. The current government is on hiatus due to political debate over the cost of the wall to eliminate immigrants from Mexico to a non-Inter-American jurisdiction. When we have problems about our financial obligations to take care of the health of our people, do you think the cost of a wall will help reduce or eliminate our government spending on health care? No. Public spending is excessive for senseless costs, which affect the economy. For the year 1990, the Medicare and Social Security range was 28% for federal spending. According to the Obama administration's forecast, it will increase to an astonishing 40% in 2019. With government spending growth nearly doubling for the year 2019, this will place the burden on Americans to raise taxes, increase budget deficits, or eliminate or dispose of programs (Samuel, 06/01/2009). With federal spending in the years 3016 and 2026, it will increase from $3.9 trillion to $6.4 trillion. With Social Security and other popular health care programs it will make up about 60%of the $2.5 trillion spending increase, and if some programs require interest included in the cost of debt, then it will offset that 78.3% with the federal aging program. When the form of the bill came into force in 1965, there was no telling what would happen. At that time the Vietnam War was not really in chaos, and was still in good times. What came next was known as the “baby boom” era. The government did not anticipate a wartime population increase, but this caused problems for the potential outcome of Medicare coverage for retirees or disabled people. Much of Medicare patient care dates back to the “baby boom” era and they live longer than their expected life expectancy. Around the year 1995, the government was concerned about the baby boomer era reaching retirement age. The government was struggling to come up with a way to ensure that the budget for the future was taken into account, but there was no way to help change how Medicare was spent. The average life expectancy of individuals was 70.2 years, but four years ago it increased to 79.4. The average life expectancy is predicted to increase to 80.7 years by 2030. This shows that the population has been paying more attention to their health and lifestyle choices and ensuring they are treated accordingly. Another thing that has had a huge impact on the health of Americans is that insurance companies have begun to cover the costs of preventive care and offer medical coverage to create and establish a healthier lifestyle (Moffit, 2016). In the political debate, politicians will make a statement to say that people will always be protected with the help of government services provided by Medicare. This is not a promise or guarantee set in stone that you will always get this benefit for true coverage. Medicare Part A services are the primary care hospital and medical services plan. These services are not set aside as a trust fund, but as a financing account to help pay for hospital and medical services provided to the patient. Today we do not have the funds that the government promised to the people who are covered by Medicare today. According to the administrators, the HI fund was never filled with the obligations promised by the government. So, this tells us that every hard working American is taking out taxes to help pay these taxes of current Medicare recipients. When 2026 arrives, it will no longer have the funds to repay and the debts to pay off. One of the major concerns about the growth and expansion of funding for financial assistance to people on Medicare is that the growing population does not aspire to enter the workforce. This means that the aging population is not working and will not pay taxes to support Medicare funding. This has now become a congressional issue that politicians and the President of the United States must take control of and manage the obligations they face. Another conflicting situation is occurring, not only because of the future decline of the workforce among the youngest. American unemployment is due to the decline in the birth rate, also known as the fertility rate, of the population. In the 1930s it was at 2.3 and in 1957 we were at a fertility rate of 3.8. This was due to the war and the baby boom era. Now that time has passed, the change in the workforce has shifted towards women no longer staying at home as sole caregivers, women are now working full time to help support the family. With this increased role of women in the workforce, the fertility rate has declined significantly since the 1960s. According to economists, the.