Dr. Rob Otterstatter’s Post

WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. Medicare is the federal government’s health insurance program that covers people age 65 and older and those with severe disabilities or illnesses. It covered more than 66 million people last year, with most being 65 and older. Once the fund’s reserves become depleted, Medicare would be able to cover only 89% of costs for patients’ hospital visits, hospice care and nursing home stays or home health care that follow hospital visits. https://lnkd.in/d6cB8n74

WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. Medicare is the federal government’s health insurance program that covers people age 65 and older and those with severe disabilities or illnesses. It covered more than 66 million people last year, with most being 65 and older. Once the fund’s reserves become depleted, Medicare would be able to cover only 89% of costs for patients’ hospital visits, hospice care and nursing home stays or home health care that follow hospital visits. https://lnkd.in/dbXuqmMb

(FOX BUSINESS) - "Social Security benefits are falling short. The problem could soon get worse." New research published by the Senior Citizens League, a nonpartisan group that focuses on issues relating to older Americans, estimated that Social Security benefits have lost 20% of their buying power since 2010. Find The Most AFFORDABLE Health & DENTAL Insurance At: HI4E.org #MedicareInsolvency #DebtCeiling #SocialSecurity #SSICostOfLivingIncreases #CostOfLiving #SSIBenefits #HealthInsurance4Everyone #RetirementBenefits #SocialSecurityInsolvency #SSITaxes #MedicareSpending #CostOfLivingIncreasesForSSI #Retirees #SocialSecurityIncrease #SSICOLAIncreases #SeniorBenefits #COLA #SocialSecurityFundsDepleted #ImpactOfCovidOnSSIFunds #OldAgeSurvivorsInsurance #OASI #SocialSecurityIncrease #MedicareHospitalInsuranceFunds #FoxBusiness #HealthAndLifeSolutions #SocialSecurityReform #SSIBenefitsCuts #RetirementFunds #PensionPlans #RetireeBenefits #SocialSecurityTrustFund

‘No More Cuts To Social Care,’ Plea CAMPAIGERS have sent an impassioned plea to the Chancellor not to impose any further financial hardship on the care of older, vulnerable and disabled adults.The care provider body, The Independent Care Group (ICG), has sent an open letter to Rachel Reeves urging her to support rather than harm social care when she presents her Autumn Statement. Their plea comes amidst fears that the Government will not boost funding to local authorities for care but will increase employer National Insurance contributions, both of which would hit social care hard. “It isn’t too late,” said ICG Chair Mike Padgham. “The Chancellor must pull away from measures that will harm the care of the most vulnerable and support the social care sector instead. “The number of people living without the care they need has topped 2m for the first time but if the Chancellor doesn’t support us at the end of the month, things will get even worse.” In his letter to the Chancellor, Mr Padgham says the Government needs to increase rather than decrease the funding it gives to commissioners like local authorities to buy care from providers. And he warns that an increase in National Insurance would hit social care providers and be at odds with the Government’s desire to see more people looked after in their own home. He also argues that the Government must support social care if it is to succeed in its proposals to reform and improve the NHS. In the letter he says: “In particular, an increase in National Insurance payments for employers would hit social care providers particularly hard. Two thirds of our costs are on staffing and the sector is already under-staffed and struggling to recruit, with 131,000 vacancies in the sector. Adding another cost to employers would bring further pressure and might put some providers out of business. It would also be at odds with the Government’s desire to have more people looked after in their own homes. An increase in National Insurance would be particularly harsh on domiciliary care, which is very staff intensive.” And he adds: “We cannot start to ease hospital waiting lists and empty hospital beds if there is no social care to look after people in the community. We have to tackle the 2m people who currently cannot get care and the 131,000 vacancies in the sector, not to mention the lengthening list of care home closures.” Mr Padgham says there are sound economic as well as social and moral arguments for supporting social care. He adds in the letter: “The latest Skills for Care report revealed that social care now contributes £68.1bn to the England economy and employs 1.7m. That is a significant contribution, but it could contribute and employ considerably more if resources were switched from the NHS to support the sector. Skills for Care says an extra £6.1bn invested in social care would provide economic benefits of £10.7bn – for every £1 invested, a return of £1.75. Moving money from the NHS into social…

"The latest Social Security trustees report expects the Old-Age and Survivors Insurance and the Disability Insurance trust funds will be able to pay full benefits until 2035, after which, without action by lawmakers, benefits would drop to about 83%. "The trustee report for Medicare shows the funding stream for the hospital insurance trust fund can cover all of its bills through 2036 before it would only be able to cover 89% of costs. "There are currently 67.5 million people enrolled in Medicare, which provides health insurance and prescription drug coverage for people over the age of 65 as well as younger people who have certain severe illnesses or disabilities. "Nearly 68 million people receive some level of benefit from Social Security each month, accounting for about $1.5 trillion in spending by the federal government annually, according to a fact sheet."

In an era where the value of social safety nets is often debated, one thing remains crystal clear: Social Security and Medicare are not mere handouts or entitlements. They are pillars of societal support, designed to ensure dignity, security, and stability for our aging population. It's time to dispel misconceptions and vigorously defend the expansion of these vital programs. First and foremost, let's address the misnomer of entitlements. Social Security is not a giveaway; it's an annuity earned through years of hard work and contributions. Similarly, Medicare operates as an insurance plan, providing essential healthcare coverage for seniors who have paid into the system throughout their working lives. These programs are not gifts from the government; they are earned benefits that Americans rightfully deserve. Moreover, it's crucial to recognize the fundamental principle of insurance: risk pooling. Just like any insurance plan, Social Security and Medicare rely on the contributions of many to support the needs of the few. Some individuals may pay more into the system than they receive in benefits, while others may require more assistance than they contribute. This is the essence of solidarity and mutual support, ensuring that no one is left behind in times of need. Contrary to the rhetoric espoused by some, the push to cut or dismantle these programs is not only shortsighted but also morally bankrupt. Allowing our elderly population to struggle with inadequate support goes against the values of compassion and decency that define us as a society. It's not just about dollars and cents; it's about human dignity and respect for our elders. Furthermore, let's look beyond our borders and learn from other civilized societies. Nations around the world recognize the importance of caring for their older citizens, understanding that a society's greatness is measured by how it treats its most vulnerable members. It's time for the United States to follow suit and prioritize the well-being of our seniors. Now, more than ever, there is a concerted effort to undermine Social Security and Medicare under the guise of fiscal responsibility. But we must see through the thinly veiled attempts to strip away these crucial lifelines. Instead of retreating, we must advance. We must demand not only the preservation but the expansion of these programs to meet the evolving needs of our aging population. There is strength in our numbers, and together, we have the power to shape the future we want to see. Let us stand united in defense of Social Security and Medicare, advocating for increased benefits that reflect the dignity and worth of every American senior. It's not just a matter of policy; it's a matter of principle. And on this, there can be no compromise.

From the article: "Alecia Henderson , senior vice-president of benefit services, NFP, an Aon Company, Kitchener The situation you describe is becoming more common for Canadians. Fortunately, there are several strategies to help bridge coverage gaps because you plan to work beyond age 65. To potentially boost your retirement income, consider deferring your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits until age 70 or until you fully retire. By delaying until age 70, OAS can increase by up to 36 per cent and CPP by as much as 42 per cent. Delaying can also reduce your tax burden, especially if your retirement income falls into a lower tax bracket. Keep in mind that OAS benefits may be subject to clawback above certain income levels. For prescription drug coverage, most provinces offer expanded benefits for those over 65. For example, Ontario’s Drug Benefit (ODB) program covers more than 5,000 medications, with an Exceptional Access Program for some medications not typically covered by ODB. At the federal level, the Canadian Dental Care Plan (CDCP) offers dental coverage for Canadians over 65 with a household income less than $90,000 who lack other coverage, which can be especially helpful as group dental coverage ends. You may want to explore supplemental health and dental insurance options designed for people leaving group plans, which can help fill gaps in government coverage. Keep in mind that long-term disability coverage beyond age 65 is rare in group plans, and individual policies can be costly. We recommend speaking with a financial or insurance adviser who can help you plan for your health and income needs in the years to come."

The Social Security and Medicare Boards of Trustees release annual reports detailing critical information about the financial health of the Social Security and Medicare Trust Funds. These reports, released earlier this month, reveal a story that has been a source of contention for years – without immediate action from Congress, the Trust Funds are expected to become depleted sooner rather than later. While recent trends suggest the outlook of the Trust Funds has improved slightly year-over-year, it is not enough to offset the expected depletion.⁠ ⁠ For more about the Trust Funds and what the Boards of Trustees are saying about the future of two programs providing vital benefits to millions of Americans each day, check out our latest Business Sense post at the link below.⁠ ⁠#Absensibility #BusinessSense #BoardOfTrustees #SSATrustFunds #MedicareTrustFunds #SSAUpdates #MedicareUpdates⁠

🩺 Did you know you could qualify for Medicare before turning 65? Many people associate Medicare with retirement, but there are key scenarios where you may be eligible for coverage earlier. If you're under 65 and dealing with certain disabilities or conditions like End-Stage Renal Disease (ESRD), you may already qualify. At BCP, we understand how navigating these options can be overwhelming. Our latest article breaks down the qualifications, providing clear guidance to help you or a loved one understand your options. 🛡️ Check out our full article to learn more ➡️ #Medicare #HealthcarePlanning #Insurance #Disability #FinancialPlanning #BCPInsights

This weekend my husband and I and some friends were having a discussion about aging after a friends husband had a massive heart attack. Thank goodness he made it after being brought back 14 times, but 2 months later is back in the hospital for a massive stroke, as we await the outcome.. What does aging mean to you? Have you really thought about it? I find as I speak to individuals and groups it is not something most people want to even consider thinking about because we are all legends in our own minds. We are invincible! IF you are in your 40's or 50's or older it is imperative you give this some thought. WE may think we will live a long ife, but we dont know that for sure. Do you have a plan? Do your parents have a plan for aging? What role will you play in that plan? Are you willing to be caregivers, and take care of them and their home or will they live with you because they cant afford a home? Do you have the time or desire to be a 24/7 caregiver. I can assure you it is not cheap or easy getting older. Most current seniors older than 75 have penisons, long term care and life insurance plans to borrow against. That is not the case with the next generation. They have no pensions, few have long term care, and fewer have life policies to borrow against. Maybe enough to pay final expenses. They were not savers or planners. Our state is rapidly growing in low income seniors. Pennsylvania (oddly enough a senior State who does little for our seniors but entices them to come here) is only one of 4 states in the US not to allow medicaid and medicare funds to be utilized for in home asssitance and Assisted Living, or Personal Care homes. We have lost 2/3rds of our low income Personal Care homes for seniors over the last several years due to state regualtions and hoops to jump through, cost to set them up, and the cost to run them and provide those services in an affordable manner. Where will those seniors go? These questions should get you to start thinking about reality. Mapping out a plan for your future is not just about finances. Have you set in place legal things to protect you, your assets or your family legacy? What should that look like? What is your vision of aging for yourself and is it in writing? Have you discussed these things with your kids, or even your parents? What is the cost to sell your home and downsize, can you afford a community, can they? If you have not started mapping out your plan or making sure your parents have one, now is a great time to put that in motion. We are not legends, nor invincible. Things happen out of our control daily. Don't put this on your kids, make sure your parents are well planned so you don't absorb that possible surprise. Be proactive in aging, it could make all the difference for your entire family. It is not taboo to have this discussion with your kids or your parents. Life happens, Age Happens and yes ill Health and Death happens. Be prepared.