Social Security and Health Care for Lower Income Seniors
Medical News Today reports that a study done by the American Institutes for Research indicates that policy changes are required to bolster the security of programs which aid lower income seniors. Policy changes that don't rely on reduction of benefits or reliance on privatization are recommended. The article points out that even seniors with the benefit of 401k plans can be at risk of decline should market conditions reduce the value of their securities and that a health crisis can overwhelm the finances of those with modest means.
The arguments for and against privatization as a solution to both Social Security and Health Care issues has many facets, and one of the most serious questions is whether individuals have the means to take advantage of plans that propose to provide incentives for private solutions. For many, and especially those who do not have employer provided health insurance, the cost of private plans is greater than their income will allow, even with incentives and subsidies. When they can afford them, the deductibles and limited coverage leaves them with bills they can ill afford if even the most minor of health issues arise. And remember, the lowest cost policies provide only the most basic coverage. Many services and fees are not covered.
Many studies cite health care issues as the primary cause of financial breakdown. The costs of modern health care can be staggering. Any plan, government or private, must take into account the ability of those covered to stay covered, or it's not adequate, and not really a plan at all.
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