Healthcare costs and coverage will be the defining issue of intergenerational wealth transfer of our time. The challenge is the balance of compassion and individual responsibility. We all make health care and lifestyle choices - taking risks (i.e. smoking, diet, exercise, physical risk etc.) that affect our health. Some of our health is genetic and some random (i.e. like an accident). So the challenge is whether we should try to eliminate this risk (some taken, some given) and provide everyone equal care (Affordable -yet Mandated - Care for Everyone). If the answer to this is yes - then the next challenge is how (and who) should pay for this risk equalization.
Should the healthy pay for the sick? Should the lucky pay for the unlucky? Should one generation be forced to take care of another generation? What amount of money should be spent during the last months of one's journey?
Here is a chart of my Healthcare Insurance Premiums since 1990 and the scary change that occurred in 2010 with projections from 2015-2019. I can guarantee that I had no clue about this in 1990 (or for that matter in 1977 when I started work). I hope the younger generation is ready for this Healthcare Tsunami!
Note: In 2003 I tried to contain this cost by enrolling in a High Deductible H.S.A. plan which is why the big drop.
Wisner Household Insurance History & Forecast