Greg Scandlen explains:

Most of the elderly hold on to Medicare for dear life because there is nothing else available and they have no basis for comparison.

But the fact is that Medicare is a lousy insurance program. It would be impossible to sell a benefit structure like this on the private market.

He doesn’t even get to the parts about how Medicare fails to cover catastrophic medical events as a real insurance plan would–the longer you are hospitalized, the less Medicare covers the costs–but he still makes some important points.

Read the rest here.