Long term care is expected to grow exponentially because the expected retirement of the baby-boomer generation; but while long term care grows, funds for Medicare and Medicaid are steadily diminishing. It is projected that the will be insufficient funds to provide Medicare by 2019. A big part of this is because of the effect of the baby-boomers who are retiring. The baby-boomer generation is considered to be anyone born from 1946 until 1964.
Right now financing care for future generations “like us” is a great challenge which Medicare is facing. This funding dilemma is cause by many different reasons. First of all because of the increase in medical cost; which continue to grow each day. The next reason is because of the declining ratio of workers to beneficiaries and finally because of the aging US population. This goes back to how the baby-boomers are partially the cause of the fall of Medicaid and Medicare.
Although this will be a great burden in the future for all of us who will have to pay higher taxes. There are some aspects of this problem with baby-boomers to look forward to. There will be a growth in medical need witch has already been seen into effect. This means more job will be available to the generations who are just graduating. Witch for the most part is all of us right now. The medical field is probable one of the best routes to go to for a career. With the expected retirement of the baby boomer generation there will have to be an increase in long term care facilities.
What is projected to happen to Medicare and Medicaid is something we all must prepare for. New measure need to be taken by our government and by the world of health care. In order to save what is left of Medicare and Medicaid health cost must go down. While all these are negative effects of the growing elderly population we need to also recognize that the baby-boomers have opened doors and employment to the current generation while also ceasing our chances of ever receiving Medicare or Medicaid.
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