The only problem with that is people actually paid into it, and like a savings account they deserve that money back at least.
Savings is an issue for future healthcare costs and is rarely addressed. The only way to eliminate medicare is to create tax-free savings for medical costs in people’s working days.
And while we have HSA, they’re not as significant as they ought to be. I’m guessing that’s true, because most people aren’t ready for the all out conversion. We have a rude awakening coming.
Yes, I agree and the solution is simple.
For those who under 65 and not on Medicare, they will have all the money they paid into Medicare refunded when they reach 65.
For those who are currently on Medicare, the feds should refund all of the money they paid into Medicare, minus the amount of money that Medicare has expended on each person.
Suppose a person who is now 70, paid a total of $15,000 into Medicare and Medicare has paid out $5,000 for their care, they will receive a check for $10,000.
And if a similar person who paid in $15,000 but has had Medicare spend $20,000 on their care, they would receive no money back.