With elections coming up, one of the hottest topics right now is Medicare and who’s going to pay for it and how.
According to a recent CNN article:
A married couple who retired last year can expect to reap $350,000 in lifetime benefits, according to calculations by the Urban Institute’s Eugene Steuerle and Stephanie Rennane. A couple who are 46 today can expect to get $525,000 worth.
Just one problem: That constantly growing cost is getting harder and harder to pay. By 2030, maintaining Medicare’s current level of benefits would push up government spending to 24% of the economy, and even higher as the years roll on. Taxes, however, are set to generate revenue equal to only about 18% of gross domestic product.
It’s an unsustainable gap. Something about the way health care is delivered to seniors will have to change.
So what now?
Find out more by reading the rest of the article on CNN: