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Missed Fortune – The Health Care Debacle & Future Innovation

Posted on | December 13, 2009

The Flawed Health Care Plan

Three simple points slice through the current health care debate and expose the flaws of the proposed plan:

  1. Job Mobility
  2. Non-Citizenship
  3. Conscious Risk Taking

The debate is largely driven by the number of 46 million Americans who are uninsured.

However, about half of those are people between jobs, and of the remaining, about half of them are non-citizens. There are still others who consciously choose to not pay for health care even though they are capable of doing so.

According to George F. Will in an article on Townhall’s website:

“Although 70 percent of insured Americans rate their health care arrangements good or excellent, radical reform of health care is supposedly necessary because there are 45.7 million uninsured. That number is, however, a ‘snapshot’ of a nation in which more than 20 million working Americans change jobs every year. Many of them are briefly uninsured between jobs.

“If all the uninsured were assembled for a group photograph, and six months later the then-uninsured were assembled for another photograph, about half the people in the photos would be different.

“…About 21 percent — 9.7 million — of the uninsured are not citizens. Up to 14 million are eligible for existing government programs — Medicare, Medicaid, SCHIP, veterans’ benefits, etc. — but have not enrolled. And 9.1 million have household incomes of at least $75,000 and could purchase insurance. Those last two cohorts are more than half of the 45.7 million.”

This means that the whole basis of the debate is misguided.

But the bigger problem is that the plan will stifle innovation and entrepreneurship. American society creates endless numbers of innovators who are always creating new products, services, processes and experiences. We’re an entrepreneurial society.

Currently about 55% of people in American paying more in taxes than they receive in social benefit programs. If the state planners get their way, that number is going to get worse — there will be less and less people paying for more and more of the social benefits.

This will destroy incentives for entrepreneurship in the long-term.

Imposing a bureaucratic, forced health care system on a nation of innovators is doomed. It will add another $2 trillion to the national deficit this decade alone. That’s on top of the $1.8 trillion added this year that currently costs us about $1 billion a day in interest.

Prepare Yourself for the Future

The bottom line is that taxes will go up and the value of the dollar will continue to diminish. You must face those facts and do something about them.

On both of those fronts, traditional accumulation vehicles automatically set you up for failure. They may provide tax deferral, but you’ll be in a higher tax bracket when you retire and your funds are subject to taxes.

Furthermore, they subject you to market volatility, which dramatically reduces your potential returns.

Missed Fortune strategies provide solutions for both of those problems. We use indexed insurance contracts, which provide safety of principal, tax-free growth, tax-free withdrawal, and tax-free transfer to heirs.

Isn’t it time for you to get started with your Missed Fortune plan?

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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