ipl-logo

Compare And Contrast Medicaid And Medicare

664 Words3 Pages

1. Medicaid and Medicare are both federal programs that provides health coverage. Medicaid is generally intended for low-income individuals and families who do not have the finances to afford healthcare. Age is not an eligibility requirement for Medicaid. Some benefits that Medicaid offers that Medicare doesn’t include routine dental and routine vision services and hearing aids. Unlike Medicare, Medicaid generally has no federally-set premiums, deductibles, or coinsurance. States have the option to charge premiums and set cost sharing requirements for Medicaid enrollees. Medicaid is funded jointly by the federal government and individual states. In 2002, the federal government paid 57% of Medicaid and states paid the remainder.

Medicare requirements …show more content…

However, younger people may qualify if they have received 24 consecutive months of Social Security disability benefits, along with other specific requirements. There are four parts to Medicare’s benefits. Original Medicare includes Part A and Part B. Part A generally covers hospital care and hospice care, and Part B (Original Medicare) covers services such as medical care, durable medical equipment, and supplies, and some preventative services. Part A is funded primarily through a dedicated payroll tax paid by employers and their employees, while Part B is financed through a combination of general revenues, premiums paid by beneficiaries, and interest. The third form is Medicare Advantage, or Medicare Part C. Medicare Advantage combines Part A (hospital insurance) and Part B …show more content…

A Death Spiral is a condition of the insurance market in which costs rapidly increase as a result of changes in the covered population. It begins when an insurance company groups people based on how healthy or sick they are. After a group’s enrollment is closed, certain members will become increasingly sick over time. This forces premiums and other costs for the entire group to go up. Then, the healthy members of the group leave the group in order to seek cheaper prices in a new group or become uninsured. Only the most unhealthy people remain as the cycle continues and the insurance eventually becomes unaffordable. Finally, the group expires and these very unhealthy people cannot qualify for any new insurance program, or the premiums would be too expensive. At this point, there is no distribution of costs or risks as there would have been under a pooled-risk insurance

Show More
Related

Pros And Cons Of Obama Care Iron Triangle

1205 Words | 5 Pages

Medicare pays 80% of Medicare beneficiaries medical expenses through Hospital Part A and Medical Part B and the beneficiary is responsible for the remaining 20%. The beneficiary then has the option to take part C which is supplemental private insurance to cover the 20% that Medicare doesn't cover. The final portion of Medicare is Part D prescriptions, which is mandatory for persons eligible for Medicare by age or disability in order to avoid the late enrollment penalty. This penalty was enacted to deter Medicare beneficiaries from opting out of prescription drug coverage to save money and later in the year be prescribed new medications and not have drug coverage, costing everyone more money in the long run. Medicare also pays up to 75% of drug costs and premiums for individuals that cannot afford their

Read More

Medicare Part D Pros And Cons

169 Words | 1 Pages

Medicare part D is a subsidized health insurance program to cover for prescription drugs The program was introduced when there was the need to improve drug coverage. The former president George Bush, On December 8, 2003. Signed Medicare Prescription, Drug Improvement and Modernization Act, which created Medicare part D. these program was intended to offer voluntary drug benefits. Medicare part D, since its introduction, has contributed a lot in health insurance, some of its benefits are; 1.

Read More

Est1 Task 1

624 Words | 3 Pages

Medicare is a federal government administered healthcare program originally implemented on July 1, 1996. Medicare has four parts (A, B, C and D) that provide different areas and differing levels of coverage. All Medicare programs provide coverage for cover healthcare services to qualifying individuals, known as beneficiaries, which includes Social Security beneficiaries over the age 65, people under 65 with certain disabilities, and people of all ages with end-stage renal disease. Each program provides coverage for medically necessary care and services to covered beneficiaries and has deductibles or copays for covered services. Medicare Part A, Medicare Part B and Medicare Part C all provide coverage for medical services.

Read More

Explain What Do Elite Bureaucratic And Pluralist Theories Have To Say About The Policy Making Process

1454 Words | 6 Pages

It provides comprehensive health care, including hospitalization, physician services, prescription drugs, and long-term nursing home care to all who qualify as needy under TANF and SSI. Unlike Medicare, there are no limitations, an in 1986 Congress extended coverage to pregnant women and children whose earnings were less than 133% of the official poverty level. Medicaid is financed by both the national and state governments and awards more financial support to poor vs. wealthy states according to a per capita assessment. Each state sets its own eligibility standards within the boundaries of national guidelines. As for the future, the portion of the budget going to Medicaid is only increasing, which will lead to the proportion of funding for other programs being reduced unless some remedial action is

Read More

Essay On Medicaid

56 Words | 1 Pages

There are aspects of Medicaid, especially for low-income populations, where it is really almost better to have instead of private coverage. In Medicaid, there are very low copays and no deductibles, but Medicaid recipients are more likely to report having difficulty finding a provider or delaying care because their health care coverage is not widely accepted.

Read More

The Pros And Cons Of Medicaid Reform

627 Words | 3 Pages

Medicaid is a Federal-State partnership wherein the federal government absorbs the bulk of the expenditure. States are given the flexibility to manage their Medicaid programs as long as minimum federal requirements are met. This arrangement allows states to provide coverage based on their specific structure and needs. 28 States and the District of Columbia signed up for the Medicaid expansions under the affordable care act (David et.al). The states that opted out of the expansions have the most number or uninsured and poor residents.

Read More

Medicare Vs Blue Cross Essay

2179 Words | 9 Pages

In addition to a medical coverage system for the elderly, the government also created Medicaid, a state and federally run system that provided medical coverage to low income americans. Medicaid had a stigma of class, since it insured people that were too poor to afford private insurance. This meant that taxpayers had to subsidize health care for people who could not have afforded private health insurance. Medicare however did not have a stigma of class because all you had to do is be over 65 years of age to be Medicare eligible. Medicare was later extended to cover the disabled and end-stage renal

Read More

Similarities Between Medicaid And Medicare

217 Words | 1 Pages

Medicaid and Medicare are both government run programs that were created in 1965, for low income and older people to get private health insurance. Although these are both government programs, they are not the same. Medicaid is health insurance that provides coverage for low income families, this is also a federal and state program. Whereas Medicare you need to be 65 or older or have a major disability and income is not a factor.

Read More

Sdsa Pros And Cons

1030 Words | 5 Pages

An individual is eligible to receive Medicare Part C, if they have the original Medicare option. Finally, Medicare Part D coverage is for anyone who is patriciate in Medicare Part A or Part B. The concept of registering for Medicare prescription drug plan is voluntary and individuals will pay an extra monthly premium for that coverage.

Read More

How Has Medicare Changed

3557 Words | 15 Pages

Medicaid and Medicare were signed into law in 1965. After 50 years, Medicare and Medicaid are still being used by the people of the United States as a form of aid with medical expenses. Medicare and Medicaid has changed over the years to provide more and more Americans with access to quality and affordable health care that is needed (“CMS’ program history,” 2017, p.1). Medicare and Medicaid have progressed over time to become better and more improved for those receiving the services provided by the government. Even though the Medicare and Medicaid services have changed for the better of the services, it has changed too much from the intended use of the services which has led to problems associated with the

Read More

Medicare Comparison

469 Words | 2 Pages

Eligibility is based on peoples’ income which is calculated related to a percentage of the Federal Poverty Level. Also, there are other non-financial eligibility criteria for example; individuals need to satisfy federal and state requirements regarding residency, immigration status, and documentation of U.S. citizenship. Medical bills are paid from federal, state and local tax funds. The federal government funds up to fifty percent of the cost of each state's Medicaid program, with more rich states receiving less funding than less affluent states. Because of this federal/state corporation each state has its own rules and regulations about who is eligible and who is covered.

Read More

Pros And Cons Of Medicare

781 Words | 4 Pages

Medicaid is a joint federal and state health insurance program that helps pay the costs for families with limited income and resources. Medicaid has multiple programs designed to help specific people. Although it is a joint program with the federal government,

Read More

Healthcare Vs Medicare Essay

704 Words | 3 Pages

Medicaid vs. Medicare Ashley Reyes Managed Care In 1965 both Medicaid and Medicare health insurance plans were established by the government. Both programs are government sponsored and are created to help cover healthcare cost. Individuals often confuse what both programs cover and what the purposes of the programs are. Both programs are funded through taxes, however have different eligibility requirements. Medicare is an insurance program that covers senior’s ages sixty five and older and disabled individuals who qualify for Social Security.

Read More

Medicare Persuasive Essay

1309 Words | 6 Pages

For example this quote mention, “Medicaid paid $2.7 billion to the Medicare program on behalf of low-income Medicare beneficiaries for premium and cost-sharing obligations and spent an additional $6 billion to supplement Medicare's coverage of hospital” (Rowland 15). This quote shows the amount that medicaid has already help pay people’s medical bills and it tells that medicaid has pay a big portion of money to help people and which made most people not having to pay the full price. For another example from a website it said, “Medicare Part A- Hospital Insurance covers hospital services, including semi-private rooms, meals, general nursing, drugs as part of your inpatient treatment, and other hospital services and supplies” (The Official Government Medicare site 1). This quote shows that medicare A is something that medicare covers for you when you are sent to stay in hospitals and also treatment and medicine you get while you are there, which having medicare will help cover most of the cost and leaving in good

Read More

Essay On Medicare

421 Words | 2 Pages

Medicare is broken into four different coverage parts A-D. Part A is basically hospital insurance. It covers hospital stays, skilled nursing facility, home health, and hospice care [1]. Part A is free for people in need if they have worked and paid Social Security taxes for at least 40 calendar quarters (10 years) [2]. For those who have worked but paid less taxes, are subjected to pay a monthly premium to receive the benefits of Part A. Part B is considered medical insurance, which covers most medically necessary doctors’ services [1]. This would be preventive care, durable medical equipment, hospital outpatient services, laboratory tests, x-rays, mental health care, and some home health and ambulance services [1].

Read More

More about Compare And Contrast Medicaid And Medicare

Related Topics

Open Document