Unprepared to pay the high cost of health care, baby boomers are entering a Medicare and Medicaid system that currently serves 100 million Americans. 2015 to 2023, the cost of health care is anticipated to rise by 6%, that is 2% more than the past five years. Health care is not expected to inflate as it did in the 1980’s and 1990’s. The prediction for health care spending in the US this year is beyond $3 trillion. (Alonso-Zaldivar, 2014) Obama Care is considered liable for the 2% inflated health care cost. Due to the health care mandate, nine million signed up for health care this year and it is projected another eight million will seek health care in 2015. “Medicare and Medicaid will drive costs from 2016-2023, with average annual increases of 7.3 percent and 6.8 percent respectively. For Medicare, it’s partly due to the retirement of the baby-boom generation, while Medicaid will see higher use of services by elderly and disabled beneficiaries”. (Alonso-Zaldivar, 2014) Despite the out of pocket cost increases due to Medicare cuts, baby boomers will perpetuate the need for health care. The increased health care needs will lead to job opportunities in the medical field.
Reference
Alonso-Zaldivar, R. (September 14, 2014) Expanding Coverage, Aging Population, and Economic Recovery likely to spur Health Care Inflation Retrieved from http://www.startribune/style/health/273892451.html
