Will Medicare Go Bankrupt?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question. The answer is yes, if our government doesn't do something about it very soon. The Affordable care Act (Obamacare) made cuts in the overhead costs, added fines for medical providers who had bad rates of returning patients, and increased the fraud departments, and these cuts were supposed to extend the life of Medicare/Medicaid another 5 years or so. I believe the last estimate was to mid 2020's. But with nearly 10,000 Seniors turning 65 every day and the workforce not paying enough into the fund to cover expenses, it's anyone's guess if it makes it that far. And as a quick bit of trivia, Social Security is projected to go belly up just shy of 5 years later, a move that some economists say will increase the poverty rate in America by nearly 500%. That's scary stuff, when you realize that 55% of Senior Citizens already live at or below poverty levels ( 2012 Census data). Thanks for asking!Answered on July 7, 2014flag this answer
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