How much of the average retiree’s Social Security income is left after paying for medical care? How does health impact wealth in retirement? How much of a role can home equity play to provide security in old-age?
The Labor Department reported on Friday that nonfarm payrolls increased by a seasonally-adjusted 209,000 positions in July, above the consensus 180,000 estimate. This followed gains of 231,000 in June, originally reported as 222,000, and 145,000 in May, originally reported as 152,000. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors. Over the past 7 months, job gains have averaged 187,000 per month, similar to the average monthly gain of 187,000 in 2016. The economy has generated jobs every month since October 2010.
The focus of modern medicine has been centered squarely in the curative camp for a long time. As Atul Gawande put it in his recent New Yorker article, modern medicine is a practice in "rescue medicine," meaning the goal of treatment is to immediately and summarily save the patient. Unfortunately, in life, some diagnoses are not so easily remedied. Though in today's world, a cancer diagnosis is by no means a death sentence, neither is it a free pass. Patients diagnosed with serious illnesses are not always capable of being "rescued;" nor do they necessarily want to give up their autonomy over their own health and quality of life to the health care system. In most cases, patients have their own set of goals for the future, some of which may have nothing to do with medical treatment. Nonetheless, those goals are complicated because of illness and may be omitted from the care plan.
The statistics on managed care tell the story. Medicare Advantage programs now have 17.6 million enrollees, a 50% jump over the last 10 years. About 22 million enrollees are expected by 2020. And Medicare Advantage already has a 40 percent penetration rate in four states.