There has been a lot of talk by political pundits, economists, and everyone in between about the Affordable Care Act, or “Obamacare,” and its constitutionality. According to reports, the Supreme Court is releasing its verdict as to the act’s conformity with the constitution (or lack thereof) on Thursday morning. This debate is only one of many that the country will face in the coming years as citizens both young and old, retired and working, attempt to solve the healthcare puzzle without breaking the bank.
When designing wealth plans for our clients a key attribute is healthcare- not just what it costs them today but how those costs will change in each phase of their life (employer- provided, private, Medicare, etc.) and broadly, how quickly costs will increase for the insured public. This is a significant cost that must be funded and the challenge will not subside- regardless of what happens with the Affordable Care Act. One single act passed by Congress or Supreme Court decision will not solve the pressure on our healthcare system being created by the bulging Baby Boomer demographic.
Having said that, developments today surrounding this issue will have a lasting impact on the direction we take as a country in solving these issues. We will continue to watch intently while working to determine how these changes will impact our client’s ability to fund needs in the future.