The 2008 financial report contained information which stated that the estimated health insurance deficit over the next 75 years was expected to be around thirteen trillion dollars. To eliminate this problem the only foreseen solution was to increase payroll taxes by 122% or to reduce benefits by 51% or some combination of both and that failure to do so would result in even greater increases and reductions.
The report also spoke of the problems of the long term sustainability of Medicare with the rising cost of Health Care in the United States. The report also stated that due to these expenses Medicare would continue to be a burden, relying on the country’s GDP to function. They said that Medicare spent 3.2% of the country’s GDP in 2007 and is estimated to spend 6.3% in 2030 and 10.7% in 2080 (American Academy of Actuaries , 2008).
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