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Medicare is not insurance. The word "insurance" has a specific meaning, and the traditional Medicare fee-for-service program doesn't meet that definition. (Ther
by nradov 1y ago
Medicare is not insurance. The word "insurance" has a specific meaning, and the traditional Medicare fee-for-service program doesn't meet that definition. (There are a variety of other payers or health plans in the US healthcare system which fill a similar role to insurance but are not actually insurance.)
- trhway 1y agook, call it a contract between an individual and society - the individual pays taxes today and when retired gets his/her medical needs taken care about by the society. Looks like an insurance contract to me, btw. Anyway, like with any contract, whatever the individual is due under that contract is his dime, not the taxpayers'.
- nradov 1y agoIt doesn't matter what you're due under a contract if the counterparty is insolvent. Medicare beneficiaries are going to have to accept reduced benefits and higher fees. This is unavoidable due to demographic changes.
- trhway 1y agothe society reneging on its contract today means that the current taxpayers will lose the trust in the society and in particular will be significantly discouraged from paying taxes, etc. as they would lose belief in the society keeping its side of the bargain in the future.