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Why Medicare Is Good

Why Medicare Is Good

June 7, 2022
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An overview of Medicare

Medicare was established by the United States Department of Health and Human Services on 6 August 1966 to cover the full cost of health care services for people aged 61 years. The program is now available for people aged 65 or over with long-term disabilities. The Medicare Act provides health insurance for more than 60 million seniors.

The program provides funds to pay many medical care needs, including healthcare services such as hospitalization and physician visits. As time went on, the government became more involved in overseeing these standards and now requires public reporting on things such as hospital infection rates and readmissions.

Cons of Medicare Medicare Costs a Huge Amount to Administrate In 2020, Medicare spending was projected to be $858.5 billion.

Know the pros and cons of Medicare Advantage Plans

Medicare Part C also called Medicare Advantage provides people with Medicare Part A (hospital insurance) or Part B (medical insurance) the alternative option of claiming Medicare. Medicare Advantage plans are available to Medicare contracting companies and offer the same coverage as Part B and Medicare Part B. You can ask what the most appropriate plan is: Medicare Advantage or Original Medicare.

Abstract

Over the past thirty years, the Medicare program has doubled its population of 65 and older individuals in coverage, increased the ability of people to receive basic healthcare services and significantly reduced the burdens on older Americans. Medicare reform remains a key priority for policy makers due primarily to the fast past and projected future expansion of healthcare. If these programs were originally designed to provide mainstream medical services in the first half but should still continue, the government should rely on private funding in the first half.

Medicare's accomplishments

As early as 1964, Medicare doubled the percentage of those 65+ covered by the program. Before Medicare, only a small proportion of all adults were covered. In 1970, 97 per cent of the older American population registered for the course, which remains roughly constant (Moon, 1996). Immediately the population used more services and the financial burden of seniors decreased significantly. It made it more accessible to people who were unable to access the services before.

Introduction

In its early form, the Medicare program was included in the Great Society Act during Lyndon Johnson's presidency. Since 1966, it has covered most 65-plus people with disabilities. Consequently it allows Medicare beneficiaries access from most hospitals. The government continues to be the most popular public program and receives more votes from its users versus most private insurers that offer services to a younger population.

Is Medicare a good thing?

Original Medicare Part A – Part A – Part B was administered by the federal government with the support of the Centers for Medicare & Medicaid Services. In 2020, federal spending on Medicare will exceed 15%. Medicare offers many advantages.

Wide coverage

Medicare's benefits cover an array of services, including medical equipment such as mobility devices and walking equipment. Medicare also covers preventive and wellness screening procedures. During the 2018 COVIDA epidemic, Medicare will now cover CDC testing, treatment and vaccine services for all eligible beneficiaries. A new federal law will provide health insurance coverage for the telemedicine sectors.

A third option is traditional Medicare plus supplemental (private) “Medigap” coverage that picks up some or virtually all of the enrollee's out-of-pocket costs without limiting provider choice.

Straightforward eligibility requirements

Medicare has generally no strict eligibility conditions. If your age is 65 or older, you could qualify for Medicaid if you live within the US for 5 years. Depending on whether your disability status is covered by a disability program from your employer or railroad, your disability may apply. Patients with End Stage renal disease (ESRD) or ALS are eligible to receive Medicare.

Nationwide acceptance

Original Medicare is accepted in the United States and in all countries. Wherever one goes, most doctors and hospitals accept Medicare as part of the program. The original Medicare program doesn’t require you to use any specific network and so you have access to your Medicare insurance when traveling across state borders.

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Health insurance coverage for people who need it

Medicare is the United States' most expensive health plan and provides healthcare and dental insurance for more than 60 million people. If Medicare wasn't available, tens of millions of people with disabilities would still require private healthcare insurance unless the insurance is affordable to them.

Actual and Projected Average Annual Growth Rates in Medicare and Private Health Insurance Spending, 1990-2027 Rising prescription drug costs are a particular concern in relation to Medicare spending.

Low monthly premiums

Most Americans don't receive any Medicare benefits. The typical monthly Medicare Part B premium is $28.50 in 2021. In comparison, the average month-to-month premium in 2025 on Obamacare Silver Standard is $452 per month. This premium cost will be significant for older people.

Prescription drugs

Prescription drugs are an important extension of Medicare. Drugs are increasingly an important component for health care delivery today. Lack of prescription medication can be costly for the healthcare system at any point. For those with multiple prescriptions, this can seem impossible for some. Both Medicare+Choice and Medigap fail at filling these voids.

In other words, prescription drugs are a crucial and costly part of the extended benefits package. These may include coverage for routine vision care, hearing aids, routine dental care, prescription drug coverage, and fitness center membership.

Cons of Medicare Advantage plans Medicare Advantage plans may limit your freedom of choice in health care providers With the federally administered Medicare program, you can generally go to any doctor or facility that accepts Medicare and receive the same level of Medicare benefits for covered services.

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Mix of public and private coverage

Medicare represents an important example of public and private collaboration in the healthcare industry. If beneficiaries wish to use private health insurance benefits, they can choose between several different options. Medicare Advantage plans coordinate care among your health care providers. Typically Medicare Advantage plans are managed care and have networks of contracted health care providers.

Conclusion

Medicare faces a multitude of challenges over the years, but the plan should always take account of past accomplishments and the goals outlined in original legislation. Medicare should not remain the same as 1966 or 1999, but reform efforts have been carefully thought out.

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