How Medicare Is Financed By The Social Security Administration

Adults, 65 years old and older and people with disabilities are eligible for Medicare and Medicaid. Physician services and hospitalizations are covered by medicare. An additional supplemental program may be purchased to cover prescription drugs. Low income families and children may qualify for Medicaid and Children’s Health Insurance Program (CHIP). Medicaid has significantly lower copays and out of pocket expenses compared to private insurance. Unemployed individuals may qualify for Medicaid depending on the state.

Retired individuals in the U.S. are eligible to receive benefits through Medicaid at the age of 65. Some individuals choose to have supplemental insurance along with Medicaid, which helps increase their benefits. If one retires before this age the can apply for the Health Insurance Marketplace.

The Medicare and Medicaid federal programs were put in place as a way to help the less fortunate. Individuals with severe disabilities or over the age of 65 qualify for Medicare. This program helps them with health coverage, so the disabled and elderly who have Medicare do not have to worry about their medical bills and not going to the hospital when they are sick. Medicaid is a similar program, however, it only applies to low income families who cannot provide for their children. Similar to Medicare, this program covers any health related problems and takes away the worry and troubles that come with hospital bills.

Some elderly, in my opinion, believe that Medicare is an insurance program that they are entitled to. During the Great Society movement in the 40's-60's, various governmental programs were designed to provide citizens entitlements to human services and welfare needs. The Medicare and Medicaid coverage was designed to provide those that do not have any means to pay for health care a way in which they could maintain their health needs - a right that the government and society has deemed every person should be entitled to; their health. So, depending on the culture, upbringing, and personal philosophy of each elderly person, the question whether they feel Medicare is an insurance program or a welfare program is difficult to answer. I would suggest coming at this question from both sides of the argument and state why elderly may view Medicare as an insurance program and why the elderly would view Medicare as a welfare program. Also, a good way to look at this question is to ask for permission to go to a local nursing home or assisted living home and interview a few residents. Ask them

Medicare was first brought into action in 1965 to help elderly people and those with certain disabilities receive medical care. In order to be eligible to enroll, you must be 65 years or older, have end stage renal failure, a disability, and you must be a U.S. citizen.

Medicare was established by the federal government to provide healthcare insurance initially for the elderly and included the disabled a few years after the program’s inception. As of 2013, there were 52.3 million beneficiaries of Medicare, with an average of $11,910 spent on each individual for healthcare, with a total annual budget of $582.9 billion (NCPSSM, 2015). Medicare is funded through two trust fund accounts that are held by the U.S. Treasury: the Hospital Insurance (HI) and Supplementary Medical Insurance (SMI) Trust Funds (Medicare.gov, 2015). These trust funds are financed by payroll deductions, Social Security benefit taxes, premiums paid by Medicare beneficiaries, interest from investments, and funds furnished by Congress (Medicare.gov, 2015). All of these resources subsidize the Medicare Trust Fund in

Medicare part B is eligible to you if you are sixty-five of age and a U.S.A citizen. Medicare Part B covers for your ambulance services, outpatient care and the durable equipment. This insurance covers for a one time welcome to Medicare which includes flu, physical examination, screenings and diabetes. If you have Medicare advantage plan this will cover for both insurances through a private health

The federal government provides health care insurance called Medicare. The program stared out strictly for those United States citizens who are 65 years of age and older. The plan has changed over the years to covering younger individuals with disabilities and diseases that are accepted by the program, like end-stage renal disease and young people with amyotrophic lateral sclerosis. Medicare covers over 49 million people as of the end of 2015 (Anderson, 2015).

Medicare is a program created by the Social Security Act of 1965. It is a federally run medical health insurance program aimed at medical coverage for senior citizens over 65 years of age. Over the years, the program has expanded to cover other beneficiaries such as individuals with disabilities and has also evolved to add prescription drug benefits. The program has been immensely successful in bringing health services to millions of senior citizens and individuals with disabilities. Despite this success, Medicare has faced a myriad of challenges most importantly budgetary projections that predict a rise in Medicare cost due to the “Baby Boomers” becoming eligible while having fewer workers per retiree to fund Medicare. The government has turned to managed care plans in cost saving measures and to bolster the quality and efficiency of their Medicare. While this summary might not exhaustively delve into the complicated web of Medicare but it will highlight what is looming in the horizon; the struggle to find new and innovative ways to finance Medicare for future generations without burdening beneficiaries or taxpayers.

Medicare constitutes a federal health program of the U.S government that is intended to subsidies to individuals who are eligible for the following criteria (Medicare, 2014). Individuals above 65 years with permanent U.S. citizenship or legal residency for five years. Individuals with a disability who has gathered a two year Social Security. Individuals with kidney failure currently receiving dialysis or who requires a kidney transplant. As well as those who are suffering from Lou Gehrig's disease (Medicare, 2014).

To qualify for Medicare today you have to be 65 or older, meet disability requirements, are receiving SSA or Railroad retirement, the end stage of renal disease, ALS or Lou Gehrig’s disease. Part A for Medicare is free for most people. However, Part B Medicare cost around $104.90 per month. Part B

Medicare is one of the largest government-sponsored health insurance program in the United States. Medicare was established in 1965 under the Title XVIII of the Social Security. Its main goal was to provide medical coverage to millions of individuals over the age of 65 that was being denied by private insurance. Private insurance denied them either because of their age or preexisting conditions. On the other hand people could not afford private insurance. In order to be eligible to receive Medicare one of these factors must apply:

Most people are automatically enrolled into Original Medicare, Part A and Part B, when they become eligible

As Shi & Singh explain (2013), “Medicare is essentially a generation transfer system in which current taxpayers pay for the benefits of current beneficiaries” (p. 342). Medicare covers 55 million individuals and costs 585 million dollars (Bauchner, 2015). Of those more than 55 million citizens, 9 million are younger adults with disabilities. The remaining citizens are older than 65 years (Altman & Frist, 2015). Of those receiving Medicare, 45% have four or

The majority of patients we have are elderly and therefore are on Medicare insurance. Medicare is administered by the federal government and available for Americans over the age of 65. Those of us in the work force under 65 are all paying taxes into the Medicare program.