byon 07-09-2012 at 07:42 PM (181 Views)
"Medicare is a governmental program which gives
medical insurance coverage coverage for retired persons more than
age 65 or for other people who meet specific medical
conditions, such as having a disability.
Medicare was signed into legislation in 1965 as an
amendment to the Social Security system and is
administered by the Center for Medicare and Medicaid
Services (CMS) below the Department of Human Services.
Medicare provides medical insurance coverage for over
43 million Americans, several of whom would have no
medical insurance. Whilst not ideal, the Medicare
program delivers these millions of folks fairly low
price fundamental insurance, but not much in the way of
preventative care. For instance, Medicare does not pay
for an annual physical, vision care or dental care.
Medicare is paid for via payroll tax deductions
(FICA) equal to 2.9% of wages the employee pays half
and the employer pays half.
There are four parts to Medicare: Part A is hospital
coverage, Part B is medical insurance, Component C is
supplemental coverage and Part D is prescription
insurance. Components C and D are at an added cost and are
not necessary. Neither Part A nor B pays 100% of
medical expenses there is usually a premium, co-pay and
a deductible. Some low-income individuals high quality for
Medicaid, which assists in paying part of or all of
the out-of-pocket costs.
Because more folks are retiring and turn into eligible
for Medicare at a faster rate than people are paying
into the technique, it has been predicted that the program
will run out of money by 2018. Wellness care fees have
risen significantly, which adds to the financial woes
of Medicare and the method has bee plagued by fraud
over the years.
No 1 appears to have a viable remedy to save this
system that saves many people all through the country. report medicare fraud"