Will Social Security and Medicare be casualties of COVID-19?

[Shaul]

One new projected date for when Social Security pays out more than it takes in as revenue is next year, 2021. For Medicare it could be 2023. The plan overseers do agree the impact of COVID-19 will likely hasten the date when these systems will be insolvent and deplete their reserves l

Social Security Costs Expected to Exceed Total Income in 2021

 

[Twilight Hue]

Blame the people who created this mess.

 

[Shaul]

Blame the people who created this mess.

Any suggestions on how to solve the problem?

 

[esmith]

Any suggestions on how to solve the problem?

Well maybe Biden has the answer.....Lower the age to receive Medicare.
Biden's Health Play In A COVID-19 Economy: Lower Medicare's Eligibility Age To 60

 

[Nimos]

Well maybe Biden has the answer.....Lower the age to receive Medicare.

Or do like we do in Europe, if we can do it, so can the US

 

[Revoltingest]

Social Security & Medicare won't disappear.
Too much political power is behind them.
Possibilities....
- Fund them with a tax increase.
- Delay eligibility.
- Reduce benefits.
- Means testing.
I'm betting on the 1st & last options.

 

[Augustus]

Any suggestions on how to solve the problem?

Stop overpaying for healthcare/meds/etc.? Would be a start anyway.

 

[metis]

Since the fed can print money, and since tax rates can be hiked up, there's only a problem if we let it be a problem.

This virus may help us in at least one, if not more, respects, namely that maybe it will encourage us to get our priorities in order and streamline our system to better reflect them.

For starters, what's more important: people or money? Depending on how we answer that question, this should help determine which is the best general direction to go in, and then we can build the rest of the "house" around that paradigm.

 

[Revoltingest]

For starters, what's more important: people or money?

That's the wrong question, ie, it's not one or the other.
It's about striking the balance we want.
Some lives will be lost.
The economy will suffer.
How much of each?

 

[Shadow Wolf]

For starters, what's more important: people or money?

Far too many have put money first.

 

[sun rise]

Any suggestions on how to solve the problem?

There's lot of suggestions about how to solve it. Take the contribution limit off social security. Raise the retirement age again as was done before. Both. This article has 4 more all of which are worth considering: 6 Ways to Fix Social Security

top overpaying for healthcare/meds/etc.?

Fix the health care system. If our costs were the same as the next highest, Switzerland, we'd be paying 50% less. The problem is solvable but entrenched interest oxen need goring.

 

[Nakosis]

Social Security & Medicare won't disappear.
Too much political power is behind them.
Possibilities....
- Fund them with a tax increase.
- Delay eligibility.
- Reduce benefits.
- Means testing.
I'm betting on the 1st & last options.

Yes, Baby Boomers unite. I'm sure we will beat on the politicians to make sure we continue to be a burden on the youth of America.

 

[ManSinha]

From a healthcare provider and administrator perspective - there is too much waste - Medicare is essentially a check writing program - no checks or balances and there are procedure based doctors who cleverly game the system - think extra imaging tests or the sixth or seventh back surgery to name just a couple of things - other issues are more controversial - they could save IMO at least 20-25% by instituting an oversight program - yes that would cost - current CMS overhead is projected at 3% vs 8-10% for health plans but it would also save money partly by deterrence - when someone knows they are being watched they are less likely to cross the line

 

[Nakosis]

Fix the health care system. If our costs were the same as the next highest, Switzerland, we'd be paying 50% less. The problem is solvable but entrenched interest oxen need goring.

Or don't fix it.

Just let them there old folks die off. Solves the problem.

 

[Revoltingest]

Yes, Baby Boomers unite. I'm sure we will beat on the politicians to make sure we continue to be a burden on the youth of America.

And on bears like @Wu Wei.

 

[Nakosis]

Blame the people who created this mess.

Or the people who voted them politicians in.

 

[amorphous_constellation]

That's the wrong question, ie, it's not one or the other.
It's about striking the balance we want.
Some lives will be lost.
The economy will suffer.
How much of each?

Do you think it is correct to say that in supporting the economy, more lives are more likely to get lost?

 

[Revoltingest]

Do you think it is correct to say that in supporting the economy, more lives are more likely to get lost?

No.
Economic devastation will also cost lives & quality of life.
So it's about finding the best balance.

 

[Wu Wei]

And on bears like @Wu Wei.

 

[sun rise]

From a healthcare provider and administrator perspective - there is too much waste - Medicare is essentially a check writing program - no checks or balances and there are procedure based doctors who cleverly game the system - think extra imaging tests or the sixth or seventh back surgery to name just a couple of things - other issues are more controversial - they could save IMO at least 20-25% by instituting an oversight program - yes that would cost - current CMS overhead is projected at 3% vs 8-10% for health plans but it would also save money partly by deterrence - when someone knows they are being watched they are less likely to cross the line

Part of the answer might be fixed prices for common procedures - cost-based competition along with quality competition.

If I get a quote to build a house, I can do it T&M or fixed price and I can choose a cheaper estimate or one from someone who has a better quality reputation.

But that's not enough by far. Real outcomes is not just for things like hip replacement but a true outcome is health. If a health care system was rewarded for keeping people healthy, that's a true outcome.

This is tricky to do because of how systems can be gamed, but we need to do something for everyone not just Medicare and this is one option.