A Brief Note On Medicare And Social Security - 1334 Words

3) During the early stages of our adulthood, we often hear about Medicare and Social Security, but sometimes it doesn t resonate how important those factors play in our future. Since 1966, Medicare has been providing health insurance to both the old and young while taking money from those who are able to work and provide for themselves. Meanwhile, Social Security is in charge of giving money to those who are old, disabled, widowed, and have low income through taxing citizens. Both of these federal government run programs play a key role in redistributing wealth throughout the country. They are put in place to assure citizens, 65 and older, with disabilities, and fall under the bottom tier of the class system, are cared for and given†¦show more content†¦So the individuals being taxed may receive less than half of what they payed. Even now, the Medicare system put in place to provide healthcare to those in need does not provide full coverage for all healthcare costs. Liked a domino effect, hospitals and other healthcare providers are then forced to either take the loss or provide minimal health care. Since we have these issues on hand, there are some solutions that may benefit both those in need, health care providers as well as the Social Security and Medicare Systems financially. Recently, there have been many theories of financing health care providers and those in Social Security programs. One of which is to raise taxes on the upper class and use the net worth towards the medical field and those who provide health care to Medicare patients (Madjaroff, 2014). However, even though this seems like a logical idea, what are the chances of the upper class paying even more taxes for the health care providers? If we expect to increase taxes on the upper class, they may question why taxes aren’t raised for the middle and lower classes as well. If businessmen are taxed more, they are likely to reduce the income rates of working class men to reduce the deficit. So this solution may not be efficient and bring about the much needed change. Another solution is to increase the retirement ages from 65 to 70. Pushing the age requirement by five years, should decrease the number of eligible applicants of Medicare and Social