If you are not receiving medical treatment through the Veterans Administration (VA), you are concerned as a citizen about the troubles at VA medical centers but you are not impacted directly. Think again.
This column is being written on Memorial Day weekend, a time when veterans and families look back on military, and for some, wartime experiences. Those who survived their service feel grateful for the gift of life, remembering warriors who paid the ultimate price. As we honor the fallen, the controversy over care for our veterans is especially concerning.
The Obama administration was warned over five years ago that VA facilities were reporting inaccurate waiting times and scheduling failures that harmed veterans seeking care. (The Washington Times , 5/19/ 2014). The national focus is new; the difficulties are not.
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The Veterans Health Administration is true government-run healthcare. The government owns and operates the facilities; doctors and all personnel are federal employees. In “socialized” medical systems like the VA, state control is total. Conversely, in a single-payer system such Canada’s, doctors run their own practices. Hospitals and other facilities are privately owned. However, there is only one insurer, the government.
Appearing on a Las Vegas PBS show August 9, 2013, Senate Majority Leader Harry Reid (D-NV) said that he sees the Affordable Care Act as a first step to a fully government-run healthcare system similar to the single-payer system in Canada and Great Britain. ( Las Vegas Sun, 8/10/13). While that idea has proponents, lessons from elsewhere suggest caution.
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On May 20, 2014, Canada’s Toronto Metro newspaper reported a study from the Fraser Institute, a public-policy think tank in Vancouver, noting “lengthy wait times for health care may have contributed to the deaths of an estimated 44,273 Canadian women between 1993 and 2009... The study authors found that for every one-week increase in wait times for medically-necessary elective procedures, three Canadian women died.”
In 2012 the premier of Newfoundland was criticized for seeking heart surgery in the U.S. Stories about Canadians crossing the border for care to avoid delays abound. Here at home we continue to hear of difficulties encountered by citizens in finding doctors who will take Medicare and Medicaid. While we do not know the long term implications of the Affordable Care Act and other government-supported medical, drug, and healthcare programs, there are healthcare and wealthcare decisions that you should make.
Nothing is free. A couple on Medicare in reasonable health and taking generic drugs for various conditions like diabetes or hypertension easily can spend $12,000 to $14,000 per year on premiums, co-pays, deductibles, and donut holes. A 2013 Fidelity study indicated that the average couple could expect to spend more than $220,000 for healthcare over the course of their retirement. This figure greatly exceeds the $50,000 estimate that roughly half of the pre-retirees surveyed thought they would need.
There is a long list of things that Medicare won’t pay for, including long-term care. Long before AARP mails you a membership card, increase savings just to cover retirement expenses, all of which, including healthcare and assisted living expenses, are likely to be far more than you think. While you are younger and healthy, insurance solutions should be explored. Underwriting standards are being tightened, and gender-based pricing is costing females more.
Fiscal fitness and physical fitness correlate when it comes to freedom and impendence in retirement, or working beyond full retirement age under Social Security if you wish. All that stuff on your bucket list? It takes money and energy to actualize dreams!
Be in position financially to opt for private pay medical solutions or concierge services if needed to assure timely access and care you need. Add “medical services freedom” to your budget and asset-building strategies.
Get regular checkups and exercise; hire a personal trainer. Preventative medicine and staying as healthy as possible may be the best antidote to a medical system plagued by bureaucratic red tape and interference in the doctor-patient relationship. It isn’t just veterans that must be wary!
Walker Capital Management, LLC, Lewis Walker is President of Walker Capital Management, LLC. Certain advisory services offered through The Strategic Financial Alliance, Inc. (SFA). Lewis Walker is a registered representative of SFA which is otherwise unaffiliated with Walker Capital Management, LLC.
