- Sep 19, 2011
- 28,355
- 9,932
- 900
Listening to a Democrat Congresswoman Janice Schakowsky and she in complaining about the repealing of Obamacare said that Medicare is a good example of how Obamacare should have worked. She and the host of the Fox show both agreed that the profits of the insurance companies caused higher prices then say Medicare and hence Medicare is better.
YUP!
I wish I were there. I'd ask both the Fox financial commentator and the congresswoman would they have any problem with requiring Medicare to adhere to the EXACT same requirements that the states do for any insurance company that wants to sell insurance in that state.
ALMOST ALL if NOT ALL STATES require insurance companies to prove they have reserves to pay future claims.
Can Medicare meet that requirement?
So how do these insurance companies meet the reserve requirements?
CALLED profits! YUP... evil profits generate reserves.
BUT IS MEDICARE REQUIRED to have reserves? NOPE
Generally speaking, 7.65 percent of your paycheck is withheld for FICA -- 6.2 percent for Social Security and 1.45 percent for Medicare.
If your annual pay is $46,000, the average for full-time-working Americans, the Medicare portion of those Federal Insurance Contributions Act taxes approaches $700 per year.
How much was paid into Medicare in 2016?
Hospital Insurance
2012 267.8 billion...so using annual pay of above there were 2,910,870 people that paid in! NOTE:
2013 257.1
2014 254.1
2015 249.1 2,707,609 paid in at average of $46,000 interesting!
2016 245.2
NOTE the employer paid in half of the $267.8 billion so divide that by two and you have 2,910,870 people.
So how many people are on Medicare?
Medicare, the federal health insurance program for 57 million people ages 65 and over and people with permanent disabilities, helps to pay for hospital and physician visits, prescription drugs, and other acute and post-acute care services.
How much was spent in 2015? $540 billion.
So as of 2015 $249.1billion came in and $540 billion went out!
The Facts on Medicare Spending and Financing
Ryan’s point, made at a WisPolitics.com event on May 5, 2014, is that Medicare must be reformed because it is "going broke. The trust fund goes bankrupt in 2026."
We've long heard that the nation’s largest health insurance program faces future trouble as health care expenditures continue to rise and the Baby Boom generation continues to gray.
Indeed, retirees can expect to receive $3 in Medicare benefits for every $1 they paid in Medicare taxes.
Paul Ryan says Medicare going broke
YUP!
I wish I were there. I'd ask both the Fox financial commentator and the congresswoman would they have any problem with requiring Medicare to adhere to the EXACT same requirements that the states do for any insurance company that wants to sell insurance in that state.
ALMOST ALL if NOT ALL STATES require insurance companies to prove they have reserves to pay future claims.
Can Medicare meet that requirement?
So how do these insurance companies meet the reserve requirements?
CALLED profits! YUP... evil profits generate reserves.
BUT IS MEDICARE REQUIRED to have reserves? NOPE
Generally speaking, 7.65 percent of your paycheck is withheld for FICA -- 6.2 percent for Social Security and 1.45 percent for Medicare.
If your annual pay is $46,000, the average for full-time-working Americans, the Medicare portion of those Federal Insurance Contributions Act taxes approaches $700 per year.
How much was paid into Medicare in 2016?
Hospital Insurance
2012 267.8 billion...so using annual pay of above there were 2,910,870 people that paid in! NOTE:
2013 257.1
2014 254.1
2015 249.1 2,707,609 paid in at average of $46,000 interesting!
2016 245.2
NOTE the employer paid in half of the $267.8 billion so divide that by two and you have 2,910,870 people.
So how many people are on Medicare?
Medicare, the federal health insurance program for 57 million people ages 65 and over and people with permanent disabilities, helps to pay for hospital and physician visits, prescription drugs, and other acute and post-acute care services.
How much was spent in 2015? $540 billion.
So as of 2015 $249.1billion came in and $540 billion went out!
The Facts on Medicare Spending and Financing
Ryan’s point, made at a WisPolitics.com event on May 5, 2014, is that Medicare must be reformed because it is "going broke. The trust fund goes bankrupt in 2026."
We've long heard that the nation’s largest health insurance program faces future trouble as health care expenditures continue to rise and the Baby Boom generation continues to gray.
Indeed, retirees can expect to receive $3 in Medicare benefits for every $1 they paid in Medicare taxes.
Paul Ryan says Medicare going broke
