Originally Posted by jillio
Like I said, it is a benefit to living in the U.S. and having government run insurance available at retirement age. You could not take everything paid in Medicare contributions over your entire work history and purchase private insurance with even remotely close coverage. In fact, most private carriers would not even sell you a policy at retirement age.
You're presuming that workers would wait until retirement age to get medical insurance. If they had used the Medicare "contribution" during their working years to get medical insurance early on, they could just continue with that insurance after retirement.
Also, neither Medicare nor private insurances survive on just the premiums paid. The carriers invest those premiums into other funds.
If Medicare is so great, why do most retirees also get Humana, Blue Cross, etc., as Medicare supplements? I have VA health care, and
I will be eligible for Medicare someday, and
I still pay now over $200/month for long-term care insurance for TCS and me.
Too big a risk of you actually filing claims they would have to pay out. You are guaranteed coverage as the direct result of a goverment run insurance.
You are also at their mercy for coverage, services, and availability.
Of course, Medicare is available to not just civil service employees.
(specific you, not generic you) are eligible for Medicare, will you accept it?
Online NewsHour: The Medicare System | Financing | PBS