Guest Contributor
Prof. Raman Kolluri
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| My PhD students - successful and retired! |
I
am a retired Physicist, trained at Johns Hopkins University in the 1960s. For my first act, I returned to India and
started a first of its kind Materials Science graduate University program. For my second act, I spent 25 years at Camden
Community College in New Jersey developing a two-year degree program in Laser
technology. I am rather proud that I was
able to translate the topic of Quantum Physics that I trained Indian PhD
students for, in a way that US Community College students could understand and
learn and get jobs in this growing field.
In general, I kept myself active until age 75, when I retired about six
years ago.
Over
these six years since my retirement, I have personally dealt with the triple
pillars of Social Security, Medicare and my own personal retirement savings in
the teachers retirement system provided through TIAA. I consider myself somewhat lucky because as a
state school professor, the state government for which I worked covers some of
the premiums that the federal program does not cover.
Often
I wonder - Is it just me, perhaps growing older and having difficulties dealing
with the above subjects of Medicare, Social Security and my personal retirement
savings investments .... or
is all of this just a whole lot complicated for most people in my situation?
Medicare
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| Early Medicare Ad! He was 65?! |
I
admit that even today I do not quite understand how, the whole health care
system works, specifically Medicare. There are so many rules, exceptions, deductibles, co-pays, donut
holes and supplementary insurance that it is like a deep jungle without any
walking paths.
Of course, Medicare publishes each year, a huge booklet explaining the rules and regulations which apply for that year. It only increases confusion rather than clarification in simple terms. The whole system is so complex that there appears to be no simple way of explaining it. In addition there appear to be many competing interests of so many partners involved in this system.
Also,
I find that insurance companies try to explain in a way that is advantageous to
them rather than the insured.
I
have indeed tried and failed to understand the complexity of the healthcare
system. I have simply resigned myself to have the Medicare card, the secondary
insurance card and a prayer that I will not become seriously ill.
My
interaction with Medicare providers also has not been very productive. First,
it is very difficult reach an individual on phone. However, when I do reach
them eventually, they are courteous and try to explain the rules.
But
the rules are so complex, that even after they explain, I do not understand
what they are saying. I often wonder whether they themselves completely
understand the rules. Just to give an example, I had been assessed an
additional premium on my Medicare payment for the year 2017, based on my income
in 2015. When I had asked why, their reply was that they were processing the
files of that year!
Is
this all just me, I wonder?
Recently,
we were fortunate to have access to a care consultant, who deals with senior citizens. The purpose of the session was to let me
know what my options are when I really need care in future. It was a very valuable session where I learned about services available in the community to the elderly - for for-profit and not-for-profit. However, it was interesting to me, that even with such an expert, Medicare was not part
of that discussion!
Social Security
For
me personally, the biggest challenge was to understand the relationship between
Social Security and Medicare. Though they are two different entities, Social
Security administration collects the Medicare Part B tax.
This
also, is income dependent as well as taxed differently from the regular income.
In addition, they also collect Medicare Part D, based on a person's income in
the previous year tax returns. At least
in the case of salaried people, these deductions are taken directly from their
paychecks. For
self-employed and small business owners, this requires a tax consultant to
figure it out for them. In my case, I did not have help and I had to try and learn
it myself.
Is
it just me or is the above rather wholly inscrutable?
An
additional question I grappled with is when to take social security payments.
Due
to inflation the value of dollars decreases over time. So, if one delays taking
the social security money, later than the starting date of 62 years, they will
get more monthly income but of lesser value. If they take it at the earliest, a
large amount of income money will not be available to them for the rest of
their life.
However
in the back of one’s mind, one has a nagging feeling whether the government
will have the funds to pay its social security obligations as more and more
people retire, and we continue to live longer.
This instinctively tempts people to take their payments right away.
Let’s provide some help
I
have been a researcher and a teacher for 50 years. My inclination is to figure out the problem
and get in front of the “classroom” and start teaching. However, to be honest,
I have not fully understood Medicare or Social Security in-spite of living
through it for several years.
As
a layperson and an educator, it is my general impression that at present, perhaps many who give advice for a fee and profit, might be benefiting themselves rather than for the individual who is seeking the advice. I could of course be wrong.
When I think about my retirement savings and that they have grown reasonably well over the last several decades, the main thing that comes to mind is the care and attention I have had to personally pay to every financial detail; whether it is the investment portfolio composition, the organizations I save with, or fees that I incur.
When I think about my retirement savings and that they have grown reasonably well over the last several decades, the main thing that comes to mind is the care and attention I have had to personally pay to every financial detail; whether it is the investment portfolio composition, the organizations I save with, or fees that I incur.
It
appears to me that our culture is geared towards spending in the present and
postponing the pain of financial distress for a later time - often until it is
too late. It would be great to see some
organizations with knowledge of these matters provide voluntary service to the
young on how to save for the retirement and to the elderly on how to navigate this labyrinth. I
also hope the Administration and Congress make the understanding of the Social Security and Medicare
system much simpler.
Unless
of course, this is all confusing just to me – in which case, all is well!
8 comments:
Great article. This should be published.
- Mike Hodin, CEO of Global Coalition on Aging
This is terrific – you should see if Next Avenue would be interested in publishing it.
- Martha Deevy, Deputy Director, Stanford University Center on Longevity
Excellent and TRUE!!!!
- Andy Sieg, President of Merrill Lynch
I agree your father. It is an unnecessarily confusing program for everyone.
- Sen. Bob Kerrey
You’re father “nailed it”. So confusing - for everyone!
- Greg Bell
This is wonderful. Reading every word with care.
- Debra Lappin, Senior Law Partner at Fagre BD, in DC
Please tell your dad that I have exactly the same experience with Medicare and SS, and I’m supposed to be an “expert” on them!
- Ken Dychtwald, CEO of Age Wave
Your father is fabulous and obviously smart and savvy! Thanks for sharing his illuminating, honest, and much needed assessment of Medicare, social security and personal investments. I’ve been working in the field of aging for over 30 years, am over 65 myself, and don’t fully understand it. Wouldn’t it be nice if someone could help us understand and navigate this labyrinth? Maybe someday I’ll get to meet your father.
- Maddy Dychtwald, Founder of Age Wave
Ha… a physicist confused by government regulation! That says it all.
- Tim Burke
Your dad's write-up is awesome!
- Hassy Cohen, Dean of Gerontology, University of Southern California
Thanks, Surya. Love your dad’s “a deep jungle without any walking paths” metaphor. My dad was a physicist, too. It’s saying something when people with your dad’s obvious brains and training find the system overly confusing. A call to action for private sector leadership?
- Paul Irving, Managing Director, Milken Insitute for the Future of Aging
I am dumbfounded! It is so fantastic and satisfying to hear such good words from those who have achieved such high positions in life. It is these small positive feelings that make my life worthwhile living at this advanced age. Thank you for suggesting it, editing it and making it possible for such great persons read it. THANK YOU !
I have to say my folks have had the same experience. Both very bright, capable people, flummoxed by the SS and Medicare systems. Add to that, communications from the private insurers that they use for their supplemental insurance which is, as your Dad says, written more for them than for the customers they allegedly serve, various prescriptions (some which MUST be ordered via mail and others which can be filled at the pharmacy) to keep straight and properly filled, and it can be overwhelming. I know you help out your Dad and I help out my parents as they sort through the legalese of the various letters and notifications and benefit statements they receive. But what about those older Americans who do not have family or friends willing to try to help them navigate this ever more complicated system?
Your Dad’s piece is very good and I agree with him as I am sure many others will. The real question is, will anyone do anything substantive to try to fix the problem? There was a move a few years back, to put all IRA custodial account agreements in “plain English” so that clients could better understand what they were agreeing to. It is an improvement from the previous versions, but still not really clear for the average person. There has to be an effort to get Legal departments comfortable with non-legal terminology in such materials so individuals really can have the opportunity to understand and not need an interpreter, so to speak.
I hope your Dad submits this to some local papers and maybe even to the AARP magazine!
This is a GREAT article; and gives me insight into what my parents are going through as well. You can probably also add in the labyrinth of medications and trying to figure out how navigate that whole experience. I know my parents have spent countless hours on that alone!
Am I sensing a potential ‘Kahn Academy’ opportunity???
I think that the private sector should take the “mantel” and help the millions of people like your Dad who may not be as fortunate as he is and desperately need guidance.
I found most moving, and most frightening, this line:
“I have indeed tried and failed to understand the complexity of the healthcare system. I have simply resigned myself to have the Medicare card, the secondary insurance card and a prayer that I will not become seriously ill.”
Your father shouldn’t have to feel such a sentiment! But he does. Why?
We’ve a hodgepodge system that is the victim of the politics of welfare and an irrational fear that if the government pays for health care, provides access to health care, that this will somehow lead to a socialist takeover of America.
Among the particularly harmful consequences is a fractured long term care system – really non-system—that is devolved to the state and county level. And it has led to an administratively expensive system that provides ample opportunity for short term profit making. Again, in long term care, this is especially egregious.
I remain hopeful that the ACA will being to change this. It’s a question of seeing care of older adults as a humanitarian problem that need us all to work together.
This is a wonderfully constructed, impactful article that captures the reality facing millions of aging individuals as they wrestle with the complexities of managing their care and finances as they age. What is perhaps most telling is that your Dad, even with his educational background in quantum physics, and extensive career managing complex systems, issues, people, etc., still has a hard time sorting through the truly byzantine rules/regulations that govern medicare, social security, etc. When you think of the level of education of most older adults facing these issues, their ability to successfully manage is a very scary prospect indeed.
Thank you for sharing this. It is a striking reminder, close to home, of the importance of the work we’re doing to try to make this process easier for older adults to navigate.
Your reflections on navigating the Medicare system provide an invaluable perspective on a program that touches millions of lives. As a retired professor of physics and a laser technology specialist, your analytical approach shines through in the way you address both the strengths and the shortcomings of Medicare.
Your experiences underscore the dual nature of Medicare—it serves as a critical safety net, offering essential healthcare access, yet it is often mired in complexity and inefficiency. Your insights on the frustrations of dealing with coverage gaps, confusing options, and bureaucratic hurdles are relatable for many, while your appreciation for the program’s vital role in reducing the financial burden of healthcare is a testament to its importance. Your ability to connect personal observations to broader societal challenges adds depth to your reflections, urging for improvements to this lifeline for seniors.
What stands out is your resilience and thoughtful approach, reminding us that navigating Medicare requires not just patience but advocacy and informed decision-making. Your voice brings credibility and urgency to the need for refining a system that is crucial for so many.
Five Key Takeaways
1. A Lifeline with Limitations: Medicare is indispensable for seniors but doesn’t cover all medical needs, often leaving gaps that must be managed with supplemental insurance or out-of-pocket expenses.
2. Complexity of Choices: The program’s vast array of plans and rules can overwhelm seniors, requiring professional guidance or significant time to understand.
3. Bureaucratic Hurdles: Errors in billing and inconsistencies in care demonstrate the need for streamlined processes within Medicare.
4. Role of Advocacy: Successfully navigating Medicare often requires proactive effort, persistence, and a willingness to seek help when needed.
5. A Call for Reform: Your reflections highlight the importance of continuous improvements to ensure that Medicare meets the needs of seniors in an evolving healthcare landscape.
What Prominent Figures Have Said About Similar Challenges
1. Toni Morrison: The Nobel Laureate in Literature noted how elderly relatives in her family struggled with Medicare’s complexities. She described the system as overwhelming, particularly for those without access to professional help, and called for simplification and greater transparency.
2. Maya Angelou (Author and Activist): Angelou shared her challenges in supporting aging relatives through Medicare, citing difficulty in resolving errors and understanding coverage specifics. She once remarked that the program’s good intentions were undermined by its execution.
3. Muhammad Ali’s Family (World Boxing Champion): Ali’s family spoke about the difficulties of managing Medicare for the late boxing legend during his battle with Parkinson’s disease. The family highlighted the gaps in specialized care coverage and the significant out-of-pocket expenses they faced despite Medicare’s support.
Your reflections join these voices to emphasize the need for a Medicare system that is not only accessible but also easy to navigate, comprehensive, and equitable—an essential pillar of dignity and care for seniors.
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