Medicare is shaping up to be one of the hottest issues in this year's campaign. Once again this weekend as I flipped through the channels of the Sunday morning talk shows, both Republicans and Democrats were beating their talking points into the ground as to how the other side was going to destroy Medicare as we know it. Met Romney and Paul Ryan were going to drive seniors over the cliff, forcing them to pay $6300 more for Medicare. The president was slashing $716 billion from Medicare to pay for Obamacare. I couldn't even force myself to watch, listen, or even care.
Why can't we have an honest discussion about this – or for that matter – any other topic these days? But it's an important discussion. Medicare is the primary source of health insurance for people over age 65. But it's an expensive entitlement that's dragging this country deeper and deeper into debt. Last year we spent over $550 billion on all three parts of Medicare – $257 billion on part A which is hospital stays, $225 billion for part B representing doctors’ fees and medical costs, and another $53 billion for drugs. More disturbing is the rate of increase as our population ages and medicine gets more expensive. Everybody agrees that something has to be done, but saying so means political suicide.
Is it realistic for either side to try to convince seniors they will shield them from higher costs and shrinking benefits? Can anyone find the political courage to tell the truth? Of course you have to pay more, we are broke. And what about us Americans as individuals? Will seniors in important swing states vote their own monthly budget, or will they stop to consider that everyone must feel some pain if we are going to save this vital program that's been a backbone of healthcare since 1965? Everyone knows that tough medicine is needed for this very serious condition. But when push comes to shove, will people swallow hard and vote for the greater good rather than the immediate impact on their personal situation? In that regard, we are facing the same dilemma as voters in Greece, Spain, and throughout Europe. And just like in Europe, it would help if our politicians had the courage to tell the truth.
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Mark joined WHAM in January of 1998 when his weekly call in financial show "Money and More" first aired. The show ran for eleven years and became one of the stations highest rated programs. Recently Mark has returned to provide daily commentary and analysis on the WHAM afternoon news. His segment can be heard at 4:26pm Monday through Friday, with an extended appearance with Randy Gorbman on Thursdays.
Mark started his financial services career in 1986 with IDS/American Express. He is a Certified Fund Specialist and Certified Long Term Care Specialist with a Bachelor's Degree in Economics and Management from SUNY Geneseo. He has designed, authored, and presented retirement and long term care workshops for clients, corporations, and non-profit organizations such as Xerox, Kodak, Agway, and the United Way.
In 2007, Registered Rep magazine listed Mark among the Top 100 Independent Advisors in the country. He lives in Geneseo with his wife Susan and has four children. Mark is an avid fisherman and enjoys spending time at his family cottage in the Thousand Islands. Mark also collects Civil War and Underground Railroad memorabilia for a museum he keeps in the basement of the historic Henrietta office.
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As professionals skilled in retirement planning, the partners of The Horizon Group have helped hundreds of people in the Rochester area since our founding in 1993. We specialize in helping clients invest and protect their retirement assets with a straightforward and down-to-earth approach through open and honest communication.
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The views expressed in Mark's commentaries are to be considered for informational and entertainment purposes only. Before making decisions based on any content in Mark's commentaries you should always consult your financial or tax professional.
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