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Medicare social insurance program in the US - Essay Example

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Summary
This essay talks about Medicare insurance program , provided by government of the US from 1966. The main aim of the program was to provide insurance cover to the aged, the disabled, and other people with chronic diseases. It is argued that this policy has some flaws, that need to be addressed…
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Medicare social insurance program in the US
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Medicare social insurance program in the US

Download file to see previous pages... As a result, no savings on their behalf, and an increase in poverty levels. It is important to denote that insurance companies are always reluctant to offer insurance cover to the aged, the disabled, and other people suffering from chronic diseases. This is because they are viewed as high risk areas, and as such, the insurance company might suffer extensive losses through payments of premiums. On this basis therefore, medicare addresses this problem, through the pooling of resources whereby almost every American citizen pays for the program through the payroll taxes. By critically analyzing the market, this is the main aim that the federal government initiated the program, as such, there aren’t any other observable market inefficiencies that this program seeks to address. In regard to the paternalistic argument for the government involvement in this market, it is important to denote that the constitution provides to a right in affordable health care to all Americans. On this basis, the government will only seek to carry out its functions in providing for people covered under medicare. This in turn will improve their health status, leading to the evolution of health individuals/ people. To determine if the program is successful or not, policy makers need to carry out surveys, asking the targets groups on whether they are benefitting from the programs or not. This people can provide this information, by identifying the various challenges that they are passing through, and how medical institutions are helping them overcame these challenges. There is also a need to carry out a research in the health institutions for purposes of identifying the effectiveness of the policy under...
This paper critically evaluates the efficiency of the Medicare social insurance program and attempts to find economically viable alternative to Medicare. As for now, federal insurance contributions act provides the sources of financing this program. It allows the federal government to draw approximately 2.9% of the payroll taxes levied on workers and employers. Other sources of funding emanates from the premiums generated from people who have enrolled for medicare, and the general fund revenue of the federal government. The development of this policy has a number of economic arguments.
Medicare helps to provide insurance against the costs that emanate from receiving health care. It is important to denote that the costs of accessing health care are what drive the Medicare program costs. There has been an increase in the cost of health, it is this increases that make the Medicare program expensive. If the government reduces these increases in the costs of accessing health care, then it is highly possible that the cost of running the medicare program will be low.
The government manages to effectively implement this policy because of its availability of financial resources; as a result, there is a decrease in private health care insurers. An aspect referred to as crowd out. It can be denoted that because there isn’t enough competition for provision of this services, them the quality of health care provided might be compromised It is proposed to change the medicare system from a policy run by the government to private insurers ...Download file to see next pagesRead More
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