In the first presidential debate between President Obama and Mitt Romney a heated discussion about the future of medicare took place.
Both parties are concerned how to preserve medicare for the future generations, as the cost of medicare with the generation of babyboomers going into the system might make it unstable.
Obama’s suggestion is to cut approx. $ 716 billion from medicare. Romney argues against the cuts as this could hurt beneficiaries as approx . 50 % of the doctors and 15 % of the hospitals in the country would not be able to offer service to medicare patients.
Romney suggest to transform Medicare from a fee-for-service system to a system where retirees can buy healthcare either on a private insurance market or traditional medicare market.
Obama objects to such a voucher system , as he fears that the traditional medicare system would collapse, especially the generation under 55 years would possible have no functional health care system in retirement. He fears that he voucher system, would not necessary keep up with the heath care inflation.
Healthcare and Medicare will be key discussion point in the presidential election, we at Solid Health Insurance Services will keep you updated about the difference between the President Obama and Mitt Romney.