ipl-logo

Swot Analysis For Medicare

1595 Words7 Pages
bulb-icon

Recommended: SWOT analysis for healthcare services

• About the aging service or program
2015 marked the 50th anniversary of President Lyndon B. Johnson signing into law the Medicare program. Medicare is a health insurance program for people age 65 or older, people under age 65 with certain disabilities, and people of all ages with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant). Medicare consists of four components: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare advantage), and Part D (Medicare prescription drug coverage). The Centers for Medicare & Medicaid Services (CMS), a branch of the Department of Health and Human Services (HHS), is the federal agency that runs the Medicare Program and monitors Medicaid programs offered …show more content…

Treasury. These funds can only be used for Medicare. The first of the two, the Hospital Insurance (HI) Trust Fund, is funded via payroll taxes paid by most employees, employers, and people who are self-employed, as well as other sources, like income taxes paid on Social Security benefits, interest earned on the trust fund investments, and Medicare Part A premiums from people who aren't eligible for premium-free Part A. The HI Trust Fund helps pay for Medicare Part A and costs associated with Medicare Program administration, like costs for paying benefits, collecting Medicare taxes, and combating fraud and abuse. The second is the Supplementary Medical Insurance (SMI) Trust Fund, for which funds are authorized by Congress, premiums from people enrolled in Medicare Part B and Part D, as well as other sources, like interest earned on the trust fund investments. The SMI Trust Fund helps pay for Medicare Part B benefits, Part D, and Medicare Program administration costs (as mentioned earlier). In 2011, Medicare covered 48.7 million people. Total expenditures in 2011 were $549.1 billion. Over the years, Medicare has grown and today provides health coverage for more than 50 million …show more content…

While some on Medicare enjoy good health and a comfortable retirement, many have significant health needs and frailties. Nearly half of all people on Medicare have four or more chronic conditions, nearly one-third have a cognitive/mental impairment, and about one-third are functionally impaired (Kaiser Family Foundation, 2015). Over the next few decades, the number of beneficiaries will obviously increase but, at the same time, the composition of the Medicare population will change. With more and more people living into their eighties and beyond, more will live with multiple conditions and complex needs.
As we think about the future of Medicare and draw upon the insights of the experts, we see the following five major challenges that will define future debates over Medicare

Show More
Related
1442 Words | 6 Pages

An expansion of Medicare part B to encompass home- based facilities would allow for financial relief in the Medicaid sector, which currently foots the bill for almost half of low-income elderly and disabled individuals. Congress could benefit by implementing funding for these homes because it reduces the current cost required to staff and equip traditional long-term care facilities. The proposal for Medicare reform to finance home-based long-term care institutions has many benefits. It provides long-term care in familiar environments, allows patient to maintain a sense of autonomy, and provides affordable housing for the elderly low- income population, who qualify for Medicare and meet the financial requirements. It considers the need for current facilities by funding both.

Read More
434 Words | 2 Pages

In 2010, the aggregate shortfall of government funding for Medicare and Medicaid beneficiaries was estimated at $28 billion dollars. Currently, Medicare and Medicaid in combined do not cover the complete cost of care for program recipients but their beneficiaries account for about half the care provided by hospitals . In the chart it shows the uncompensated care and payment shortfalls from Medicare and Medicaid in billions of dollars, 2010 Similarly, between 2000 and 2010, the cost of uncompensated care grew by 82 percent, from $21.6 to $39.3 billion. In the below chart it shows the cost-based uncompensated care in billions of dollars, 1990 – 2010 .EMTALA’s

Read More
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
1224 Words | 5 Pages

Medicare Part D The Hidden Evils When one becomes sixty-five years of age a whole new world opens up to them. The elderly people of the US are offered discounts at a wide range of different places which include: salons, movie theaters, and drug stores. The reason behind the discounts offered for seniors unfortunately has nothing to do with people appreciating their elderly but it is because many people over the age of sixty-five are on a fixed income. Men and women over the age of sixty-five in the US are also enrolled in Medicare programs.

Read More
472 Words | 2 Pages

B. What were the primary purpose of the new law? (i) Did the new law of the Medicare Prescription Drug, Improvement and Modernization Act of 2003 achieve the anticipated goals? (ii) The challenges facing this new law C. Who were the people behind the agenda that made the policy change of this new law possible? (i) The controversy of the Modernization Act (ii)

Read More
618 Words | 3 Pages

Nowadays, more people than ever are living longer and healthier thanks to our advancements in medicine, but it’s quickly becoming a problem for our Medicare budget. As more people become eligible for Medicare, more money will be paid to the beneficiaries. If this trend continues, our budget will be diminished in 2034. In addition to the increasing age, fraud and abuse in the disability program also put burdens on Medicare. In order to combat these problems, my proposals are to increase the retirement age and to reduce falsely charged billings.

Read More
491 Words | 2 Pages

Instead, this type of plan will supplement your existing benefits. You must have Medicare Part A and Part B in order to qualify for one of these plans. Basically, Medicare will pay for your healthcare first, within the guidelines of what it covers. Then, your Medicare supplement policy will pick up the extra slack and help cover additional costs that you would otherwise be responsible for, such as deductibles and co-pays. You will have to pay for this coverage, as well as paying for your Medicare Part B benefit.

Read More
665 Words | 3 Pages

Free Medicare Services Introduction Good health cutting across all age groups ensures that all individuals become productive for the nation, and thus the nation’s economy prospers. However, unaffordable healthcare has made this fate unachievable. A majority of the aged people struggle to afford basic resources that are required to afford healthcare. Despite reforms such as the Affordable Care Act being introduced in the healthcare sector to regulate Medicare, Medicare remains to be unaffordable to many elderly people (Kaplan, 2011).

Read More
1367 Words | 6 Pages

Right now, Medicare is America’s health insurance program for anyone over the age of sixty-five, people who have documented disabilities under the age of sixty-five, and people who suffer from End Stage Renal Disease. A countless number of people look towards Medicare as a sense of stability when they become elderly or sick. Although Medicare does cover numerous basic medical appointments, it fails to cover many long-term medical conditions. Ever since former President Barack Obama, passed the Affordable Care Act, also known as Obamacare, in 2010, over twenty million Americans have garnered medical insurance. Obamacare and Medicare put together helps this group of Americans pay for preventative services that eventually may save their life.

Read More
1556 Words | 7 Pages

The History, Incidence, Costs and Institutional Remedies Medicare fraud and abuse is a serious problem. While the majority of healthcare providers appear to be honest and well-intentioned, there is still a marginal amount of provider’s intent on abusing the system. This sort of abuse is detrimental, not only does it cost taxpayers billions of dollars but it put the beneficiaries’ health and welfare at risk and puts an increased strain on Federal and state budgets. The effect is then realized and the risks are magnified by the growing number of people served by Medicare. Thus the need for prevention, in this paper we will discuss the history, incidence, costs and institutional remedies that where taken in previous incidences of Medicare fraud

Read More
545 Words | 3 Pages

On average, the social insurance program shoulders approximately one-half - 48%, to be exact - of the total bills but the actual amount can vary depending on the coverage chosen (i.e., Part A, Part B, Part C, and Part D). Our suggestion: Talk with the expert inMedicare insurance here at Hefty Insurance so that you can choose which of the Medicare Parts will best serve your needs. Medicare Pays First Let's assume that you have group health plan coverage (retiree) from your former employer and it is time to pay your medical bill. Who pays first?

Read More
574 Words | 3 Pages

Social Security also pays a certain amount to people with low incomes. Overall, about 59 million americans collect social security benefits. Medicare is another federal program that provide health insurance benefits to retiring older adults age 65 and old. Younger people who are disabled or have end-stage renal disease are also eligible for benefits. There are four parts in Medicare, parts A and B are the main parts for hospital and medical insurance.

Read More
553 Words | 3 Pages

Each state creates its own Medicaid programs, following federal guidelines. Medicare has 15% of the federal budget compared to Medicaid’s 10%. If you qualify for both Medicare and Medicaid, you are considered to be “dual

Read More
615 Words | 3 Pages

When a baby boomer turns age 65, it is expected that every 5 years their rate of developing medical conditions and diseases will double (Stewart, V. 2015). As a result, healthcare costs will drastically increase. Identifying the disease and condition early is the most efficient way to manage the budget. Medicare and Social Security systems have been forced to change, if the systems had not chosen to evolve with the change the current structure would collapse and/or bankrupt itself. Furthermore, as a means to maintain Medicare and Social Security the retirement age was extended to 66 for individuals who are born from 1943-1954, and 67 for individuals who are born from 1960 and beyond (Social Security Administration,

Read More
995 Words | 4 Pages

Economists and health policy experts agree that Medicaid and Medicare are unsustainable in their current forms, because they are growing much faster than the economy or the revenues used to finance them. With no change in existing law, the Congressional Budget Office says that the cost of Medicaid will double in 10 years and the program will account for more than 20 percent of the budget. Especially in the case of Singapore, by 2030, only 2.1 adults would be in the working range of 20-64 for every person above the age of 65. Thus, the government’s ability to provide for this group of people will be

Read More

More about Swot Analysis For Medicare

Related Topics

Open Document