Debt, Politics, and Medicare: 7 Things Seniors Need to Know

If there was one thing that became obvious during the recent federal debt crisis, it was that opinions were much easier to find than facts… especially regarding programs like Medicare and Social Security. This is probably unavoidable, to a certain degree, given that politicians have to struggle not only with their own parties and constituents, but also the desire to be reelected.

Still, the seniors who depend on programs like Social Security and Medicare don’t want more speeches or political theater, they want answers. With that in mind, here are seven things seniors should know about the debt ceiling, politics, and the future of Medicare:

1. Medicare, and medical care for seniors, are becoming too costly. It costs too much for seniors to get the medical care they need, and the government is spending more than it can afford on these programs. Given that reality, changes to Medicare will probably have to accompany changes to the U.S. healthcare system as a whole.

2. Changes to the program are on the way. Experienced observers think it’s likely that the minimum age for Medicare will be raised, but not for current retirees. So, if you are planning to leave your career within the next 5 to 7 years, upcoming changes to Medicare probably won’t affect you directly.

3. Democrats want changes to Medicare in taxation; Republicans want a much smaller program. This is a very simple way of presenting the respective arguments, of course, but the fact is that the government needs either more revenue or fewer expenses… and probably a combination of both. Understanding the issues and respective positions is important to seniors as they choose to support politicians.

4. Medicare is probably not in immediate danger. Any changes to the program will likely be implemented over years, and probably even decades. So, despite the threats and accusations being tossed around by government officials, the reality is that changes to Medicare probably won’t come overnight.

5. Tomorrow’s seniors are more likely to be affected than today’s. By the same token, future retirees – and especially those who are more than seven years away from entering retirement – are at the highest risk for seeing their future Medicare benefits change. If you are not yet in the late stages of retirement planning, then keep a close eye on shifts in government thinking, as they may greatly affect the future costs of health care for you and your family.

6. Prevention is always the most cost-effective form of health care. The best way to deal with medical expenses and prescriptions is to need fewer of them in the first place. This often gets lost in the political side of the debate, but is of incredible importance to individual seniors. If you do what you can to stay fit and healthy now, there’s far less chance that you’ll find yourself struggling to pay high medical bills later.

7. If possible, it’s probably a good idea to invest in supplemental insurance. If anything, the recent debt ceiling crisis has made it more important than ever for seniors to protect themselves and their own health. While it’s unlikely that Medicare will disappear anytime soon, having extra coverage for hospital visits, prescriptions, and other healthcare costs is a good caution.