Monday, March 08, 2010

Everything you ever wanted to know about Medicare but were afraid to ask...

This primer, prepared by the Kaiser Family Foundation explains the Medicare program in terms that even a lawyer can undestand.  It explains key elements of the Medicare program, which now provides health coverage to 47 million people -- including 39 million people age 65 and older and another 8 million younger adults with permanent disabilities. It looks at the characteristics of the Medicare population, what benefits are covered, how much people with Medicare pay for their benefits and the program’s overall costs and future financing challenges.Here't the intro:  Established in 1965, Medicare is a social insurance program, like Social Security, that provides health and financial security for individuals age 65 and older and for younger people with permanent disabilities. Prior to 1965, roughly half of all seniors lacked medical insurance; today, virtually all seniors have health insurance under Medicare. Medicare provides health insurance coverage to 47 million people – 39 million people age 65 and older and another 8 million people with permanent disabilities who are under age 65. The program helps to pay for many important health care services, including hospitalizations, physician services, and prescription drugs. Individuals contribute payroll taxes to Medicare throughout their working lives and generally become eligible for Medicare when they reach age 65, regardless of their income or health status. Comprising an estimated 12 percent of the federal budget and 20 percent of total national health expenditures, Medicare is often a significant part of discussions about how to moderate the growth of both federal spending and health care spending in the U.S.1 With the dual challenges of providing needed and increasingly expensive medical care to an aging population and keeping the program financially secure for the future, discussions about Medicare are likely to remain prominent on the nation’s
agenda in the years ahead.

Source:  Kaiser Family Foundation (February 2010)
Read the primer:  http://www.kff.org/medicare/7615.cfm