Medicare

With the deregulation of health related industries and the resulting vibrant marketplace, the stage is set for gradually phasing out Medicare (subsidized healthcare for people over 65). Several paths are possible. One option is to give current enrollees and those approaching 65 an incentive to leave the system by offering tax deductions for healthcare expenses for a predetermined number of years. The tax deductions are gradually eliminated as the deregulatory efforts discussed in the previous sections start to pay off in the form of better health insurance and healthcare at lower prices.

Current enrollees may choose to stay in the system, but it is entirely possible that the thriving health insurance and healthcare marketplace with its unimagined advances will eventually entice a majority to seek out the plethora of new market-based opportunities. The same goes for people below the eligibility age who will soon realize that the competitive health insurance rates and choices in the free market are better than the available Medicare options. As people who are dependent on Medicare live out their lives, the system will slowly fade away. It may take 30 to 40 years, which is something we have to accept. Over its 55-year existence, Medicare has turned most senior Americans into dependents of the welfare state. Even with the most vibrant and attractive marketplace emerging, many may not have another option. Therefore, restoring the individual right to be in control of your healthcare in retirement will most likely be a long process.