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Obamacare and your retirement
Future of health care insurance explained
 
Published Wednesday, November 7, 2018 8:30 pm
by Joyce Palmer | For The Charlotte Post

What is the status of the Patient Protection & Affordable Care Act of 2010? High-end net worth seniors planning for retirement need to know. How will the changes in the Affordable Care Act impact your retirement?

Health care planning
A lot of time, energy and money went into promoting and advancing the Affordable Care Act. Then, a new president was elected and poof – those who were ready to be in compliance were left hanging. Is the Affordable Care Act dead?

What has been repealed is the “mandate that all American must obtain healthcare coverage.”

Here are some important ACA provisions that remain in effect, according to Forbes:


• Elimination of pre-existing conditions denials


• Closing gaps for prescription drug benefits

• Expanding Medicaid

Numerous politicians continue to promise that health care will remain a top priority for Congress.

Medicare future
A study by the trustees of Social Security and Medicare has predicted that Medicare may become insolvent by 2026. This is three years earlier than previously estimated. There are 61 million Americans enrolled in this government program.


One of the reasons for the Affordable Care Act was to deal with all of the government health care programs. The hope was to place them under the new umbrella provided by a solvent system created by the Affordable Care Act. Now, all that has changed.

The trustees predicted that these health care costs will increase from 3.7 percent to 5.8 percent of gross domestic product between 2017 and 2038. The federal government is not receiving as much revenue from taxes. This has made it difficult to balance the budget.

Future health care plans
Health care has always been a bone of contention. America still has one of the best healthcare systems in the world. The primary problem has been cost.

Wealthy senior citizens will have more options with the rescinding of the health care mandate. Many Americans wondered how a free nation could force people to purchase health care in the first place.


The good news is that the four-part Medicare system is still in place:

• Part A - Hospital care

• Part B - Doctor and outpatient

• Part C - MA plans

• Part D - Prescription drugs

There is also a wide range of choices for “Medigap” coverage.

Senior citizens are free to invest in their own healthcare plans. That is good news for many. Will government healthcare plans still be around in the future?

For decades, experts have warned of the insolvency of certain government programs. With Detroit and Chicago struggling to survive, the future does not look good for raising revenue. Tax revenue at many levels of government are falling.

Wealthy individuals might want to find their own healthcare retirement planning solutions. Just as the Affordable Care Act did not last forever, other healthcare government programs might have a limited life expectancy. It is better to be safe than sorry and plan for health care along with the rest of your retirement plan.

Joyce Palmer is CEO of JP Financial Group LLC in Charlotte. Telephone: (704) 543-6269.

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