According to an article in the Dallas Morning News, Medicare is facing huge deficits and its hospital trust fund may run out of money within eight years.
The article said:
One point that Richard Fisher made in our ed board meeting with him yesterday was that the country can't afford to ignore its Medicare liability. About the same moment the Dallas Fed president was emphasizing the cost of such a large burden, the trustees for Medicare came out with a report showing that the liability is growing sharply...Fisher projected a $100 trillion liability, but admitted that the Fed looks at the numbers over a longer horizon than others.
Many of us don't think about the importance of Medicare until we need it during your retirement years or because of a disability. Over 47 million Americans depend on Medicare and without it, many would not be able to afford healthcare costs and/or would incur huge amounts of medical debt seeking healthcare. Medical debt is one of the leading causes of bankruptcy and is often the one of the many troubles that push homeowners into foreclosure .
The current threat to Medicare is actually a threat to all Americans. Can you imagine a world without Medicare assistance for our senior citizens and the disabled? I believe the number of foreclosures and bankruptcies would increase exponentially if we didn't have a Medicare program to help defray the costs of healthcare. Already, those who are not covered by Medicare (or Medicaid) benefits often face large amounts of medical debt that simply can't be repaid. For those who have become overwhelmed by medical debt, bankruptcy is available to help them repay the debt or discharge the debt. To find out how bankruptcy can help you get a handle on your medical debt contact a Dallas-Fort Worth bankruptcy attorney .