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Originally Posted by kawishiwi
What many miss about Medicare & Social Security when they claim "I paid for it" is that most will receive greater benefits than their contributions & interest would cover. AND its a lifetime guarantee. Much more like a combination of annuity & insurance
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You are equating SS and Medicare, which makes no sense. An old person who lives awhile will certainly earn more in SS benefits than he ever paid in, but Medicare isn't an entitlement in the sense that the checks are set and then keep rolling in because one "paid for it." Medicare has premiums, subsidized by many people, now seniors, who paid medicare taxes when working and also by current workers. It's not a matter of "I paid, now I'm entitled," which one hears from some SS recipients.
It's really expensive if you have any income, but many people who are working think it's another giveaway to old people and resent it.
Not sure what the lifetime guarantee is about. If you don't apply within a certain window, you will be subjected to underwriting, which will inflate your premium beyond belief, forever. You are guaranteed to the extent you come on board right away and don't require anything beyond the norm. Other than that, it's out of pocket all the way, especially for drugs.