Medicare's Affordability Crisis for Older Americans
Medicare and Health Insurance in the U.S.
In the U.S., health insurance is a necessity, yet it doesn't always ensure affordable medical care. Medicare plays a significant role for those over 65, but as the article shows, it still has its challenges. Many older adults struggle with out-of-pocket expenses, which can prevent them from getting the care they need. This is in contrast to other wealthy countries where healthcare systems are more comprehensive and affordable.Research from The Commonwealth Fund highlights the disparity between the U.S. and other nations. Nearly one in four older adults in the U.S. spent at least $2,000 in out-of-pocket expenses last year, while in France and the Netherlands, less than 5% of older adults had such high expenses. Only in Switzerland did older adults report spending more on healthcare than those in the U.S.Medicare's Coverage Shortcomings
The study suggests that Medicare plans may not be meeting the needs of many Americans. A significant 8% of older adults in the U.S. reported delaying or forgoing medical care due to costs, which is higher than in any other wealthy country except Austria. Not getting the necessary care has consequences; one-third of older U.S. adults who faced cost-related barriers to receiving care reported being in fair or poor health.For example, Medicare Advantage members often find themselves seeing out-of-network doctors, exposing them to substantial healthcare costs. This highlights a flaw in the Medicare system where patients may face unexpected expenses when seeking care.Mental Health Treatment as an Exception
Interestingly, there is one area where Medicare beneficiaries faced few out-of-pocket costs and were less likely to skip care - mental health treatment. Less than 5% of residents in all nations skipped mental health care due to affordability concerns. This shows that when treatment is affordable, patients are more likely to seek help.It's a benefit that is offered on all health plans, and it demonstrates the importance of making healthcare services affordable across the board.Solutions for Affordable Healthcare
When older people skip or delay care, their conditions worsen, leading to more costly care and increased federal Medicare spending. Gunja suggests that the U.S. can learn from other countries and implement solutions such as capping out-of-pocket expenses and fully covering hospital and physician services.Across the board, the U.S. generally ranks last in terms of affordability measures. Getting health insurance is essential, but it's just the first step. We need to ensure that coverage is not only comprehensive but also affordable for older adults."UVM Medical Center Staff's Battle Against Healthcare Cuts"
Protest Actions and Signage
The UVM Medical Center staff showed their determination through various actions. They carried hospital beds as they marched, making a visual impact that couldn't be ignored. Along the way, they held signs with powerful messages. One sign declared "Health Care for All!", emphasizing the importance of accessible healthcare for everyone. Another sign questioned "Where will all our patients go?", highlighting the potential consequences of the cuts on the patients. There were also signs demanding "Stop the cuts" amid the recent cuts to healthcare services. These signs served as a powerful tool to convey their message and gain attention.During the rally, a UVMMC employee held a sign stating "Cut the cuts, not the care." This sentiment was echoed by many as they fought for the preservation of quality healthcare. The sight of these signs hovering above the marching staff added to the intensity of the protest.
Employee Speeches and Rally Conclusion
After the march concluded, phlebotomist and UVMMC Support Staff United President Heather Bauman took to the stage to address the crowd. Her words carried the weight of the staff's concerns and hopes for a better future. The rally concluded in front of the UVMMC support staff unions office on Colchester Ave, leaving a lasting impression on all those who witnessed it.The University of Vermont Medical Center stood tall above Colchester Ave on that day, a symbol of the battle being fought by the staff. This event was not just a moment of protest but a call to action for the entire healthcare community to address the issue of cuts and ensure the well-being of patients.
Unraveling the Mysteries and Risks of Bitcoin's Ascent
Back up. What is Cryptocurrency Again?
Cryptocurrency has been in existence for some time. In recent years, it has gained significant attention. In simple terms, it is digital money that operates through an online network without a central authority. It is not backed by any government or banking institution and transactions are recorded using blockchain technology. Bitcoin is the largest and oldest cryptocurrency, but other assets like Ethereum, Tether, and Dogecoin have also become popular. While some investors view cryptocurrency as a digital alternative to traditional money, the majority of daily financial transactions still use fiat currencies. Bitcoin's price is highly volatile and depends on larger market conditions.For example, during the COVID-19 pandemic, Bitcoin started at just over $5,000. By November 2021, its price climbed to nearly $69,000 due to high demand for technology assets. But later, it crashed during a series of aggressive rate hikes by the Federal Reserve. The late-2022 collapse of FTX also significantly undermined confidence in cryptocurrency, causing Bitcoin to fall below $17,000.
Why is Bitcoin Soaring?
A significant part of the recent surge in Bitcoin's price is related to the outcome of the U.S. presidential election. Trump, who was initially a crypto skeptic, has pledged to make the U.S. the "crypto capital of the planet" and create a "strategic reserve" of Bitcoin. His campaign accepted donations in cryptocurrency and he attended a bitcoin conference in July. He also launched World Liberty Financial to trade cryptocurrencies.Crypto industry players have welcomed Trump's victory, hoping for regulatory changes that would increase legitimacy without excessive red tape. On Wednesday, Trump signaled a move in this direction by nominating Paul Atkins to chair the Securities and Exchange Commission. Atkins was an SEC commissioner during the George W. Bush presidency and has been an advocate for less market regulation. Under current chair Gary Gensler, the SEC has cracked down on the crypto industry, penalizing several companies. But he has also faced criticism from industry players. Gensler will step down when Trump takes office. One crypto-friendly move made under Gensler was the approval of spot Bitcoin ETFs in January, which allowed investors to have a stake in Bitcoin without directly buying it. These ETFs were the main driver of Bitcoin's price before the election and saw record inflows post-election.
What are the Risks?
History shows that one can lose money in crypto just as quickly as they made it. Long-term price behavior depends on larger market conditions, and trading occurs 24/7. During the COVID-19 pandemic, Bitcoin's price rose from $5,000 to nearly $69,000 but then crashed due to the Federal Reserve's rate hikes. The 2022 collapse of FTX further undermined confidence in cryptocurrency.Experts stress caution, especially for small investors. Lighter regulation from the incoming Trump administration could mean fewer safeguards. Adam Morgan McCarthy, a research analyst at Kaiko, advises keeping it simple and not taking on more risk than one can afford. There is no certainty about what will happen next.
What about the Climate Impact?
Assets like Bitcoin are produced through a process called "mining," which consumes a lot of energy. Operations relying on pollutive sources have raised concerns over the years. Recent research found that the carbon footprint of 2020-2021 Bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied a large portion of Bitcoin's electricity demands (45%), followed by natural gas (21%) and hydropower (16%).However, environmental impacts of Bitcoin mining mainly depend on the energy source used. Industry analysts have noted that the use of clean energy has increased in recent years, coinciding with calls for climate protection.