Your Greatest Fear: Losing Your Job or Your Health Benefits?

With a few months left before the Presidential election, pollsters for both candidates are busy gathering data to find what voters are most concerned about. Both candidates have a lot to say about healthcare, with Obamacare due to take full effect in 2014. According to an article in Economy Watch, “As Politicians Focus on Health Care Act, Americans Worry About Health Benefits and Costs,” by Allison Linn, Americans are worried more about how much health care reform is going to take out of their weekly paychecks than the effect on the overall economy. It’s a personal thing. What’s the difference between the opposing national health care programs if, in the end, an individual can’t afford the premiums for either one?

According to the article, a recent Gallop survey revealed that 40 percent of those polled feared losing their benefits, while 28 percent feared losing their job. With only slight improvement in the job market, the cost of health care is even more troubling. The author asked readers to complete a survey of what they felt was their greatest healthcare issue with the following results:

• The cost of health insurance and health care – 71.2 percent. Many companies transfer the rising cost of health care to employees by raising premiums. Some have eliminated health care benefits altogether. Either way, the burden for rising health care costs fall on individuals who have to deal with uncertain employment and a shrinking paycheck. Individuals either have to pay-as-you-go without benefits or watch their paycheck shrink through increased benefit premium payroll deductions. For those out of work, COBRA continuation coverage premiums can be staggering!
    
• The future of Medicare – 17.8 percent. The Pew Research Center reported that as of January 2011, the first baby boomers reached age 65. And from that date, every day for the next 19 years, 10,000 baby boomers will reach age 65. With baby boomers making up 26 percent of the total workforce, it’s no wonder Medicare is high on the list. With so many individuals transitioning to Medicare, will there be enough funding to take care of an aging population with greater health care needs.
   
• The Affordable Care Act – 8.8 percent. The survey comments voiced concern over how the Affordable Care Act is going to affect both quality and cost of health care. Some commented that they are already feeling the effect of rising costs and fewer benefits. Some found they didn’t qualify for benefits because of restrictions due to income levels. The lid on the Affordable Care Act box is only slightly ajar, with the big reveal due in 2014. The uncertainty of the ACA’s provisions and costs is cause for concern.

The certainty is that health care will change dramatically regardless of who occupies the White House. While each candidate promises his program is the best for the American people, health care is not “one size fits all.” It’s a huge challenge with a lot at stake. For two political hopefuls, it’s the opportunity to lead the country. To the individual voter, it may mean the fate of future health and well-being.