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Medicare Funding/Reimbursement - Essay Example

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Summary
The Financial Health of Medicare and the Services Offered Medicare is a program of health insurance that is for people who are either above the age of 65, or they have certain disabilities and are under 65. The program was initiated in 1965 through the passing of an act in parliament and is now a widespread program, with spending totaling over $11.7 billion in 1999 alone …
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Medicare Funding/Reimbursement
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Medicare Funding/Reimbursement

Download file to see previous pages... While Medicare helps decrease the costs associated with health care, it does not cover all expenses, particularly those associated with long-term care . The payments received by the hospitals from Medicare are related to the number of patients rather than length of stay or quality of treatment, resulting in hospitals risking losing money if they increase the quality of patient care There are three distinct services provided by Medicare, often referred to as Medicare Part A, Part B, and Part D. These focus on different costs, and have different premiums . Medicare Part A is also known as hospital insurance. This was the first original form of Medicare, and consists of coverage for expenses incurred within the hospital, as well as some nursing, home health care and hospice care , however it does not include long-term care . In most cases, the premium for Part A Medicare is covered by the employer, if the patient has 40 or more quarters in a Medicare-covered employment. If they have between 30 and 39 quarters then there is a monthly premium of $248.00, and if they have less than 30 quarters then the monthly premium is $450 Medicare Part B helps to cover costs incurred through doctors’ services and other outpatient care. ...
The final part of Medicare is also the newest addition to the program. Part D is run through private insurance companies under contract by Medicare. Accessing Part D coverage involves being enrolled in Medicare already. The aim of Part D is to decrease the cost of prescription drugs, while also protecting against high costs in the future . Part D is also paid through monthly premiums, which are influenced by income . Each part of Medicare is supported by a separate trust fund which is mainly drawn from the Treasury and also from the premiums of beneficiaries. Part A of Medicare is considered to be in deep trouble, with funding predicted to run out completely in 2019. The same prediction does not hold true for parts B and D. While their trust funds are not predicted to run out, the increase in expenditures is increasing at a faster rate than the U.S. economy. Predictions state that within the next ten years expenditures are expected to increase by between eight and nine percent, while the economy is projected to grow less than five percent . Medicare is an effective program that provides insurance for many individuals for medical costs. While Part A can be paid through employers, parts B and D have monthly premiums. The system is widely popular, however it faces funding issues with the economy fast outpacing growth of the economy putting parts B and D in danger. At the same time the trust fund for part A Medicare is predicted to run out by 2019. ...Download file to see next pagesRead More
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