Essay about Medicare Of The Kaiser Family Foundation

Essay about Medicare Of The Kaiser Family Foundation

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Medicare provides federal health insurance coverage to millions of elderly, and disabled Americans. As of 2015 data by the Kaiser Family Foundation, Medicare covers 55 million people. Coverage is provided to people age 65 and older, individuals younger than 65 with certain disabilities, and people of all ages with End-Stage Renal Disease, or Amyotrophic Lateral Sclerosis (Medicare, 2015). Medicare consists of several different components, including: Part A, Part B, Part C, and Part D. The program has several sources of financing, including taxes, revenue, and premiums. Each part of Medicare has different eligibility requirements and provides different benefits, and covered services
According to the Kaiser Family Foundation (2015), Medicare is financed primarily from three sources, including general revenue, payroll taxes, and beneficiary premiums. Each component of Medicare is mainly financed through a different source. Part A is predominantly financed through taxes paid by employees and employers (Facts, 2015). There is a 2.9% tax on earnings, and taxes account for 87% of Part A revenue. The taxes are deposited into the Hospital Insurance Trust Fund (Medicare, 2014). Additionally, the article (2015) states that employers and employees pay a payroll tax of 1.45% each, while higher-income taxpayers pay a higher payroll tax of 2.35% on earnings.
In comparison, Part B is funded by general revenue and premiums paid by beneficiaries. Medicare pays premiums for Part B on the behalf of beneficiaries who qualify for Medicaid based on their low incomes and assets (Medicare, 2014). Alternatively, beneficiaries with higher incomes pay a higher monthly premium based on their incomes (Medicare, 2014). According to data collected in 2014 by ...

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...lees with higher income pay an income-related monthly adjustment amount. This is in addition to the monthly premium that is charged by their Part D plan.
Medicare is an insurance program for people 65 and older, people with certain disabilities, and people with End-Stage Renal Disease or ALS. Medicare is financed from three sources: general revenue, payroll taxes, and beneficiary premiums. Each part of Medicare is predominately financed by a different source. Data from the report by Cubanski and colleagues shows that 41% of Medicare is financed through general revenue, 38% are from payroll taxes, and 13% from beneficiary premiums. Each component of Medicare provides various benefits, depending on eligibility and other requirements. Medicare is essentially a financial security for beneficiaries, as well as a vital aspect of health insurance to millions of Americans.

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