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Medicare Reform: The Larger Picture

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  • Victor R. Fuchs

Abstract

The "Medicare problem" is examined as part of the larger problem of providing for the overall financial needs of the elderly. Several myths about Medicare are discussed, and sources and uses of the elderly's "full income" are estimated. The paper explores policy options to deal with technology-induced increases in health care expenditures and excessive dependence of the elderly on transfers from the young. The paper concludes that if Americans wish to continue to enjoy the benefits of medical advances, they will have to work before and after age 65 and will have to increase their rate of saving substantially.

Suggested Citation

  • Victor R. Fuchs, 2000. "Medicare Reform: The Larger Picture," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 57-70, Spring.
    • Handle: RePEc:aea:jecper:v:14:y:2000:i:2:p:57-70
    Note: DOI: 10.1257/jep.14.2.57
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.2.57
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    References listed on IDEAS

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    1. Victor R. Fuchs, 2018. "“Provide, Provide”: The Economics of Aging," World Scientific Book Chapters, in: Health Economics and Policy Selected Writings by Victor Fuchs, chapter 34, pages 425-443, World Scientific Publishing Co. Pte. Ltd..
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    4. Victor R. Fuchs, 2018. "Economics, Values, and Health Care Reform," World Scientific Book Chapters, in: Health Economics and Policy Selected Writings by Victor Fuchs, chapter 39, pages 497-531, World Scientific Publishing Co. Pte. Ltd..
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    Cited by:

    1. Mark McClellan, 2001. "Medicare and the Federal Budget: Past Experience, Current Policy, Future Prospects," NBER Chapters, in: Tax Policy and the Economy, Volume 15, pages 167-200, National Bureau of Economic Research, Inc.
    2. Robert B. Smith, 2001. "Gatekeepers and Sentinels," Evaluation Review, , vol. 25(3), pages 288-330, June.
    3. Khwaja, Ahmed, 2010. "Estimating willingness to pay for medicare using a dynamic life-cycle model of demand for health insurance," Journal of Econometrics, Elsevier, vol. 156(1), pages 130-147, May.
    4. Lall Ramrattan & Michael Szenberg, 2004. "The Sensitivity Analysis of the FHA Technique of Housing Market Analysis: The Effect of Ratios and Variables, and Their Perturbations on Family and Elderly Demand Estimates," The American Economist, Sage Publications, vol. 48(1), pages 61-88, March.
    5. Paul R. Blackley, 2003. "Price versus Income Effects as Sources of Growth in Government's Share of GDP," Public Finance Review, , vol. 31(3), pages 241-262, May.

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    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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