Saturday, June 30, 2012

Court’s ruling a wakeup call for Boomers

It’s official … Obamacare is here to stay. Of course, if Romney wins on November 6, it might get repealed. But that also depends on who controls Congress.

So what does this mean for Boomers?

Here’s my take:

The wealthy—

They’ll still be able to afford insurance premiums, no matter how high they get. And if their favorite docs stop accepting insurance — something I expect many will do — the wealthy will dip a little deeper into their own pockets.

The poor—  

They’ll likely have better access to medical care. They won’t have to go to emergency rooms for minor illnesses. And they might be encouraged to take more preventive steps, such as annual physicals.

The average Joes, like you and me—

We’ll get hit the hardest. Small employers will drop group health insurance, and our premiums will rise. Care will be tougher to get because more people will pile into waiting rooms. Read some of the horror stories from Canada and the UK to get an idea of what we’ll face.

Until we vote on November 6, there isn’t much we can do about this. It is what it is.

So let’s talk about …

Long-term care

Don’t expect Obamacare to give you any help with long-term care expenses. The CLASS Act entitlement was Obamacare’s first casualty and a huge embarrassment. I shouted from the rooftops over and over how this just would not work! Eventually someone in the administration woke up and quietly pulled the plug on it, hoping not to draw much attention. 

And as with healthcare the wealthy will simply write a check for their long-term care expenses, and the poor were already covered by Medicaid. So guess who is stuck in the middle again? Yeap, you and me.

But at least with long-term care you have some ways to assure you can receive the best care possible in case your health changes, without wiping out your nest egg. Insurance and Medicaid-planning are two examples.

This week’s ruling was indeed a wakeup call … hardworking Americans who have saved diligently all their lives must assume greater responsibility for their futures. The time to do that is now.

Have a good weekend,


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