Future of Medicare is under a big debate between the Republicans and Democrats, who can be said to be in a rhetorical battle over the issue as Democrats totally support the context that Rep. Paul Ryan's plan to replace it with a program covering a portion of insurance premiums would lead to an end of Medicare whereas on the other hand, Republicans argue that the same would not end but would assure Medicare's survival as a federal program.

To get a clearer picture of the issue, recently, a Widener University survey has been conducted over 750 working and retired Pennsylvanians, who were all born before 1965. The researchers found from the survey that 68 percent were very or somewhat worried about spending their life savings on health care before reaching the age of 75 despite being given current Medicare benefits and the population is definitely not at all willing or able to take on any additional risk or expense.

The real issue is basically risk, which we are not willing to assume much, how? Medicare involves high risk and uncertainty as health insurance basically includes the transfer of risk, going from a beneficiary or subscriber to an insurance company, which showcases the risk that one will be sick and need services, as well as the uncertainty about what services one will need and how much they will cost.