Quote from atticus:
I agree with some of what you state... but there isn't any practical private solution; and no solution unless we move to a universal system. The only private analog for seniors currently -- the whole and term life insurance industry. Go get a quote on a $500k policy representing a 65yo. A 20Y term policy is ~$7k/year in premium [Transamerica, ZERO pre-existing, no smoking). Of course this is simply a $500k death benefit that you pay as much as $140k into. Worst-case is a $360k return to your heirs. Please contrast that to a $60k premium ($120k avg income over 35Y) paid to Medicare for unlimited LIVING benefits that BEGINS at 65.