Medicare and Medicaid are one of important government programs. According to Medicaid.gov site, there are more than 4.6 million low-income seniors enrolled in Medicare and about 8.3 million people that are enrolled in both Medicare and Medicaid. Anyone that enrolled with Medicare and limited income and resources are eligible to get assistance paying for their premiums and out-of-pocket medical expenses from Medicaid. Not only does Medicaid cover additional services, but, services covered by both programs are first paid by Medicare with Medicaid in the difference up to the state’s payment limit (Medicaid.gov, 2015) . As many are aware, in most cases, when you turn 65, you qualify to apply for Medicare.
This is most likely the cause of the major deficit that the president spoke of. However, downsizing or eliminating these programs to lessen the deficit will affect many people and their ability to receive healthcare. In 1965 President Johnson signed both Medicare and Medicaid programs into law (Nile, 2011). According to Medical news today, “Medicare is a social insurance program that serves more than 44 million enrollees as of 2008” (MediLexicon International Ltd, 2011, para2). It cost about $432 billion or 3.2% of GDP, as of 2007(par2).Medicare is broken down into parts, Part A is hospital Insurance Part B is medical Insurance, and Part D is Medicare prescription drug coverage (medicare.gov).
Medicare was designed as a universal healthcare program for individuals 65 years old and older. This program is funded by Medicare taxes and general federal funding withholding taxes. Medicare is a partnership between federal and state with the goal to provide medical insurance to the elderly that is poor and disabled. Generally all people who are 65 years or older and qualify for social security will automatically qualify for Medicare. There are four components to the Medicare program, part A, B, C and D. Part A of Medicare covers in patient hospital services; patients have a financial responsibility to cover a deductible that is equivalent to 1 day of hospitalization, thereafter cost is covered at 100 percent for a maximum of 60 days.
Fundamental Medicare coverage continued to focus on 60 days of hospitalization and 60 days of nursing home care, coverage for doctor’s bills was even an optional part of the plan. The elderly were the primary focus of coverage, and the social security approach was to be utilized as a framework for financing (Kronenfeld, 2011). In 1972, benefits were extended to younger individuals with permanent disabilities. Today, Medicare is a resource of health care for 45 million people, including 7 million who are younger than age 65 and disabled (Hooyman & Kiyak, 2011). Medicare Part A now includes any person aged sixty-five or older who has been employed for ten or more years subject to employment payroll taxes.
Part B requires a 20% co-pay fee. This can be expensive if used very frequently. Typically, most Americans have these two Medicare plans which together are called original or traditional Medicare as it was the first two Medicare plans ever available to recipients. The third official Medicaid program which is part C. Part C is also known as Medicate advantage. This plans utilizes private insurance compiles use to deliver health insurance to you in addition to the benefits you might already reactive with Part A and Part B. Additionally to receive Medicaid advantage recipients must be currently enrolled in both Medicare part A and part B.
In the United States, spending on Medicaid's forty million beneficiaries is projected to an overall of two hundred twenty billion during the fiscal year of 2001. In the year 1998, the federal government's share of medicaid expenditures averaged about fifty-seven percent in every state. Eleven percent is the average rate the Medicaid spending grew during the years between 1980 to 2000. Moderate spending caused a concern to both the federal legal and regulatory efforts aimed at states use of financing mechanisms. For example most states used a huge amount of disproportionate share hospital payments, intergovernmental transfers, and provider taxes and donations.
Many elderly individuals were faced with the problem of medical cost. In 1965 a bill was passed that provided coverage to all individuals 65 years of age and older, regardless of their income and health status called Medicare. Medicare is an insurance that covers doctors and hospital visits in which pays providers for the service that is given to the patient. In the first week of the plan being passed, 1 million enrollees purchased the plan. Since Medicare only reimbursed integrated hospitals for treating Medicare patients, this caused the end of racial segregation in hospitals.
Medicare, along with its sister program, Medicaid, allow broad access to physician and hospital care to all disabled Social Security recipients, most all elderly and some of the poor. Medicare has two parts, A and B. Part A, which covers all enrollees, covers hospital costs only. Part B, also known as Supplementary Medical Insurance (SMI), is an optional plan for which a premium is charged. The SMI plan covers 80 percent of office visits, preventive medicine, surgery and diagnostic specialties (x-rays, etc.).
Considered: essay, recommendations, talent/ability. High School Preparation: 19 units required. (AP) Policy: AP exam scores of 3, 4, or 5 gain college credit. University of Maryland-Baltimore Applying: % Applications Admitted: 70% 76-100% of students had GPA of 3.0 or higher. Priority Application Deadline: 11/01/-- Regular Application Deadline: 02/01/Next Year Costs: Living On and Off Campus Costs: $8,520 (In-state annual) Cost/Credit Hour: $270 $16,596 (Out-of-State annual) Cost/Credit Hour: $606 Financial Aid Distribution: 51% (Scholarships/Grants), 49% (Loans/Jobs).
Your equity in 10 years normally is $137,014, but with an equity accelerator program it's $212,519. 4. Total Interest Savings with equity accelerator is $255,523. Some lenders are willing to divide the monthly loan payment into four withdrawals, essentially making weekly banking account withdrawals. Here is my personal story of how an equity enhancement program works for a thirty-year fixed mortgage.