Forbes August 1, 2022
This Saturday, July 30, marked 57 years since President Lyndon B. Johnson signed Medicare and Medicaid into law as part of his “Great Society.”
For almost six decades, the healthcare entitlements have grown increasingly costly and expansive while delivering subpar care to beneficiaries.
Consider Medicare, the health plan for Americans 65 and older as well as some people with disabilities. Many seniors believe that Medicare is “free” once they retire. They paid thousands in taxes to Medicare over the course of their careers. Now they get the payoff, right?
Wrong. Each year, the average beneficiary spends more than $6,000 on premiums, out-of-pocket costs, and supplemental insurance that covers various services Medicare doesn’t.
Those costs have steadily increased in recent years....
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