Medicare

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MEDICARE
Prior to 1965, it was almost impossible for people 65 years and older to get a private health insurance. Medicare was enacted in 1965 to counter the growing health care costs and provide access to the elderly, making health care a universal right for all Americans 65 years and older. (Medicare & You, 2013) The rapid growth in the baby boomers population that began in 2011 caused a burden on the government by adding to the already high deficits. Medicare enrollment is expected to double by the year 2030 and estimated to reach 80 million. Medicare spending in 2010 was 3.6% of the Gross Domestic Product (GDP) and is expected to grow to 5.1% by the year 2030. (Gluck & Reno, 2001) Today, Medicare’s coverage includes elders aged 65 and older, people with certain disabilities, and people suffering from End-Stage Renal Disease (ESRD) irrespective of age. Here are the four types of Medicare plans: (Medicare & You, 2013) 1. Medicare Part A, also known as Hospital Insurance, covers inpatient services in hospitals, skilled nursing facility, hospice and home health aide. 2. Medicare Part B, also known as Medical Insurance, covers services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and certain preventive services. 3. Medicare Part C, also known as Medicare Advantage Plan, constitutes all benefits and services covered under Medicare Part A and Part B. People under this plan are covered by private insurance companies recognized by Medicare for Medicare prescription drug coverage (Part D) that may also include other benefits and services for an extra cost. 4. Medicare Part D, also known as Medicare prescription drug coverage, is almost similar to the Medicare Part C plan, with an exception that this is exclusively for prescription drugs and helps protect against higher costs in the future. Some of the stakeholders of Medicare are people utilizing Medicare benefits, beneficiary...
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