Name: Instructor: Task: Date: Health insurance concentration and its consequences The health care cost in the United States is very high. Consequently, several individuals are unable to access it. The congress is trying to address this challenge by considering various proposals to improve the country’s health care system…
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And how insurance works Some Americans get their health care insurance through the Medicare and Medicaid programs that conform to public health insurance. However, a significant proportion receives through the employer private and the individuals private. Medicare/Medicaid public Medicare is public insurance program sponsored by the Centers for Medicare and Medicaid services (CMS). This central government insurance program provides medical coverage to certain groups of citizens in America. The individuals covered by this insurance encompass persons above the age of 65, workers with impairments, and those with chronic illnesses such as End-Stage Renal Disease (ESRD). This insurance system consists of three phases and some of them are optional. The three phases entail Part A, Part B, and Part C (Qin 1). The Medicare Part A gets its funds through its trust fund. This part obtains its funds through the employers and employees taxes. The public employers and employees pay 1.45 percent of the pays, while the private workers and employers pay 2.9 percent. The trust funds earn interests that are included in the fund. Medicare part serves everyone, is mandatory, and automatic once the America citizens reach the age of 65 especially if they had been paying for the Social Security taxes for about 10 years while employed. This Medicare part does not require premium, but one has to meet the yearly 792 dollars deductible prior the commencement of the cover services. The deductibles are the funds that the beneficiaries have to pay from their own pockets Austin & Hungerford 19). For the qualified individuals, this part fails to cover everything in the health care aspects. They cover the inpatient care for 90 days each time the person gets sick and other 60 additional days. They also cover experienced nursing facility care for about 100 days each time one gets ill after staying in the hospital for 3 days. Additionally, it covers the hospice care and the psychiatric care until 90 days are over during the individuals’ lifetime. Part A can be very expensive for patients with chronic illnesses. This is because the covered period is not enough for them to be cured. Consequently, the CMS introduced the Medicare Part B that is not mandatory (Austin & Hungerford 19). Part B is an additional insurance and covers other medical needs that are not in Part A. It covers 80 percent of the health care expenses. The beneficiaries themselves pay for the rest 20 percent. The Part B covers for the medical doctor services, medical facilities, diagnostic services, outpatient hospital services, some rehabilitation, and blood transfusion. This part, unlike Part A lacks income and trust fund. It gets its funds by collecting 25 percent from the patients’ premium, which varies yearly and 75 percent from the government revenues. Before one qualifies for the Part B, he has to ensure that he meets the 100 dollars deductible conditions. After a combination of Part A and B, one is not fully covered. This is because parts do not cover some health care aspects such as recommended drugs, sustainable care, preventive, and dental care. This uncovered part can be very expensive if the patient in not covered. Consequently, it is commendable to get Part C as an additional cover (Hadley & Reschovsky 1). The Medicare Part C enables the patients to choose other health plan providers that are not public. The private plan providers collaborate with the Medicare to enable the
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