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Medicare Contrast Essay

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1. Medicare and Medicare are both Federal health care programs. However, Medicare is an insurance plan that supports people mainly over 65 that have paid into federal insurance taxes, and Medicaid is an assistance program that assists low-income citizens of all ages. Premiums are paid for non-hospital care in Medicare. There are no premiums for Medicaid, but occasionally a co-pay is required.
What is the difference between Medicare and Medicaid? (2015, October 2). Retrieved November 30, 2015, from http://www.hhs.gov/answers/medicare-and-medicaid/what-is-the- difference-between-medicare-medicaid/index.html

2. Our text book estimates by 2015 that health care will account for 20% of GDP. GDP is a measurement of the size of our nation's economy. If 20% of our GDP accounts for health care, then we have spent 20% of our budget on health care. This reflects the increasing waste, misuse, abuse, and rising cost of health care in our country. …show more content…

(2014). Contemporary Nursing: Issues, Trends, & Management. St. Louis, MO: Elsevier.

3. DRG stands for, " Diagnosis-Related Group" (Cherry, Jacob, 2014 p. 109). It's how Medicare and some private insurance companies pay hospitals for the care of patients (Cherry, Jacob, 2014 p. 109). The payment is fixed and predetermined per diagnosis. If the hospital spends less than that set price to treat that patient then they make money, if they spend more they lose money. Prompting hospitals to reduce services as much as possible so they can make a profit.
Cherry, B., Jacob, S.R. (2014). Contemporary Nursing: Issues, Trends, & Management. St. Louis, MO:

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