Many public employees of New York are set to retiree soon, and have been promised approximately $200 billion in health coverage in the coming years, according to AARP. However, a new report has found that none of the local or state levels of government have put aside enough money to finance this group of Americans.
This is an especially dangerous deficit in town and city governments, where medical costs could nearly bankrupt the unprepared areas. The only alternative appears to be foisting the expense onto taxpayers.
The report, issued on October 13 by the Empire Center for New York State Policy, also found that some regions are attempting to charge retirees premiums in order to cut the cost. The workers have replied with lawsuits.
Schenectady, New York, attempted to calculate the cost of these incoming medical treatments and warned that they "will be astronomical, with the potential of bankrupting municipalities," the news provider states.
Cutting down on personal health expenses can be one way retirees can save money on costly premiums and avoid the hospital. By installing a medical alert system in a home, older adults can live independently. This device can act as a personal emergency response for retirees, as it gives them the ability to immediately contact doctors if an unexpected health condition arises.