cradleandshoot wrote: ↑Fri Feb 17, 2023 6:21 am
Farfromgeneva wrote: ↑Fri Feb 17, 2023 5:37 am
Medicare politics are on a crash course with reality
Caitlin Owens
There's an inconvenient truth underneath the politics of Medicare — its finances are simply unsustainable.
Why it matters: Medicare is one of the largest line items in the U.S. budget, and as the population ages, it's expected to only get more expensive.
By the numbers: Medicare spending is expected to more than double by 2033 — climbing to $1.6 trillion, or over 4% of the entire U.S. economy, according to an estimate released yesterday by the Congressional Budget Office.
And the program's trustees have said the fund that pays for Medicare's hospital coverage will soon reach a dangerous tipping point — paying out more than it takes in. On that trajectory, it eventually wouldn't be able to pay for the coverage it's supposed to provide.
Reality check: Lawmakers really only have three options to stop that from happening: raise taxes, cut benefits, or cut payments to the health care industry.
Republicans are against tax increases on principle, and have gotten a lot of political mileage out of attacking them.
Democrats are against benefit cuts on principle, and have gotten a lot of political mileage out of attacking them.
And although some Republicans are hinting that they might be open to reducing payments to doctors, hospitals, insurers or pharma companies, the party's campaign apparatus is currently hammering the Biden administration for proposals to do exactly that.
The bottom line: Without intervention, Medicare's financial problems will come to a head soon enough. And then it'll be everyone's problem.
Is that not the reason those of us new to medicare are purchasing supplemental C and D policies to make up for what A and B shortfalls don't cover? Nobody in Washington saw this problem happening 20 years ago? If you worked for 45 years like myself those medicare premiums came out of your check every week. When you find out you have to supplement Medicare so you have vision, dental and prescription coverage you can complain about it but it doesn't change the bottom line. If you want more comprehensive coverage you will pay for it yourself. That is reality.
Can always count on you up before 6!
My parents are dead and worked for NYS and I'm far away from worrying about it personally, so I don't know much about it. I've generally viewed supplemental insurance policies as a waste of money as they tend to carve out a lot (as bad as commercial title insurance). I think you know the answer to your forecasting question if not rhetorical that politicans are as short termist as we are individually if not worse.
Pulled a neat report, I'd stick with ones that have at least a 1.5% market share and at or above average payout ratio to premiums earned. Pg 13 since this list doesn't format well apparently
https://content.naic.org/sites/default/ ... report.pdf
INDIVIDUAL POLICIES ISSUED THROUGH
Market
Direct Claims
Incurred
Loss Incurred to
Premiums Earned Number of
Lives Covered
Direct Premiums
Earned
Company Name
State
Dom
Cocode Group
Code
of Share
% %
August 11, 2022 2021
2018
UnitedHealthcare Ins Co CT 79413 707 2,879,431,744 2, 15.081 76.5 202,562,742 982,342
Health Care Serv Corp A Mut Legal Re IL 70670 917 1,382,765,179 7.242 1,000,290,422 72.3 459,500
United Of Omaha Life Ins Co NE 69868 261 749,557,444 3.926 509,707,585 68.0 201,923
Omaha Ins Co NE 13100 261 616,850,516 3.231 489,077,742 79.3 246,128
Mutual Of Omaha Ins Co NE 71412 261 581,835,997 3.047 431,845,679 74.2 185,524
United World Life Ins Co NE 72850 261 401,510,762 2.103 309,722,325 77.1 146,358
BCBS of MA MA 53228 3637 393,950,705 2.063 351,420,966 89.2 153,757
BCBS Of FL FL 98167 536 387,310,711 2.029 311,505,649 80.4 143,076
Continental Life Ins Co Brentwood TN 68500 1 383,853,815 2.010 312,333,202 81.4 133,879
Colonial Penn Life Ins Co PA 62065 233 380,302,880 1.992 272,863,249 71.7 130,494
Wellmark Inc IA 88848 770 379,033,885 1.985 312,654,202 82.5 130,305
Humana Ins Co WI 73288 119 363,019,386 1.901 265,566,717 73.2 132,467
American Continental Ins Co TN 12321 1 355,558,205 1.862 266,252,518 74.9 112,323
American Retirement Life Ins Co OH 88366 901 350,784,417 1.837 270,259,544 77.0 126,616
BCBS of MI Mut Ins Co MI 54291 572 335,395,631 1.757 261,830,587 78.1 96,634
Aetna Hlth & Life Ins Co CT 78700 1 324,969,828 1.702 265,870,344 81.8 132,149
USAA Life Ins Co TX 69663 200 320,173,826 1.677 241,791,409 75.5 111,271
BCBS of NC Inc NC 54631 758 320,071,601 1.676 223,360,372 69.8 114,146
Cigna Hlth & Life Ins Co CT 67369 901 303,788,951 1.591 267,778,687 88.1 137,819
Anthem Hlth Plans of VA Inc VA 71835 671 286,886,078 1.503 190,847,903 66.5 102,778