Senior citizens, don’t be fooled. The federal government asserts that Medicare sets a high bar for medical care and we are lucky to have it. Not so. It does, however, claim a virtual monopoly on health insurance coverage for all eligible persons.
All citizens who receive Social Security or Railroad Retirement Board benefits automatically receive a Medicare Part A card in the mail around their 65th birthday. Part A covers hospital, hospice, and limited skilled nursing services. This entitlement has very long strings attached. If retirees disenroll from Medicare Part A they lose future Social Security benefits and must return all past benefits. Even working seniors enrolled in Medicare or collecting Social Security cannot participate in Health Savings Accounts (HSA)/high deductible health plans. Continue reading