Managing Without Medicare


December and allow people under 65 with a high-deductible insurance plan to create tax-free savings accounts to pay for medical expenses. Chernew served on a panel in 2000 that reviewed the methodology Medicare used to come up with its long-term projections. “HSAs are designed to pay for health issues before you retire,” he points out. And while it is possible for people to accumulate significant savings in their HSAs by the time they reach 65, “the amount of money needed to cover someone over 65 for the rest of their life is a large sum,” says Chernew.

Huie is primarily dependent upon her husband’s retirement benefits for coverage; Medicare is her backup option. But not everyone has a spouse with retirement benefits. And even fewer have the financial resources to pay for medical services. While Congress has the power and resources to fix what ails Medicare, perhaps the only way to get new legislation adopted is for consumers to become politically active. Frey suggests casting an educated vote at the next election and writing to your representative to demand a protected Medicare benefit.


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