What Is The Future Of Medicare?
Who is Covered?
Currently, everyone over the age of 65 are covered by Medicare. Medicare has been a productive but at times, misused and faces numerous issues in the years that come.
What is Medicare?
Medicare is a social insurance program that gives health coverage to those whose income is lower than the norm, without regard to their health. In other words, most individuals are not turned away from having health insurance.
Is Medicare Effective?
Medicare is effective because those who work pay into Medicare during their working lives, believing that they and their spouses will have Medicare to turn to when they are 65. The funding from Medicare comes from premiums paid by beneficiaries, general revenues and payroll tax revenues.
Benefits from Medicare
The benefits that come from Medicare are: basic health services such as diagnostic test, preventative service, outpatient drug services and hospital care.
Challenges for Medicare
Even though Medicare has been a Godsend for many, there are challenges that Medicare will have to face and are beginning to, now. Finances is the number one challenge for Medicare. Because of the increased and substantial increase in health care costs, a population that is aging, and the ever decreasing ratio of workers to beneficiaries, Medicare is looking at a questionable future.
Each year Medicare spending grows and is affected greatly by the increased cost of needed services, increased prices of health care services, and the cost that comes from new technologies. But, for Medicare to continue changes need to be made to help lower health care costs.
Changes For Medicare
Some have suggested that certain changes need to be made so that Medicare can continue to help those who truly need this coverage. In addition, some have suggested that additional costs should be shifted onto beneficiaries. In other words, some suggest that for Medicare to continue, Medicare should only help those who have low incomes, put in place increased premiums and deductibles and raise the age of eligibility.