Did you know that Medicare is the largest public health program in the United States? In 1965, the federal government introduced Medicare, a federally sponsored program that ensures older Americans (age 65 and older) have access to medical care. The program makes sure that hospitals and other medical facilities are paid for the services they provide for these individuals. Medicare can also be extended to Americans who are declared disabled to work. There are 4 parts, including Part A, Part B, Part C, and Part D. Parts A&B help cover medical costs from hospitals and other medical facilities, while Parts C&D help cover prescription drugs.
Over 60 million Americans, elderly and citizens with disabilities, benefit from the Medicare program. Without it, many people would not be able to afford the medical expenses that come along with growing older and being disabled. This is especially true for low-income, elderly Americans with limited resources, little to no assets, and who are in poor health.
There are various benefits to the overall American economy of having the Medicare program implemented. These benefits include but are not limited to coverage for elderly and disabled individuals who otherwise might not have medical coverage, equal pay for medical physicians, drives forward innovation in medicine, and Medicaid is a single-payer system.
Coverage for elderly and disabled individuals
The Medicare program ensures that elderly and disabled Americans are afforded the health care they desperately need. The program is a lifeline for those that utilize it, giving them access to quality health care that they could not afford on their own.
Equal pay for medical physicians
According to work.chron.com, health care providers agreeing to accept Medicare assignment, or Medicare’s approved amount as full payment, receive an 80 percent payment directly from Medicare, with patients paying the other 20 percent.
Drives forward innovation in medicine
The inception of the Medicare program allowed its recipients to have more access to prescription drugs and medical care. Medical equipment providers and pharmaceutical companies noticed the untapped potential which led to more investment into research and development of procedures and drugs most needed by this demographic.
Single payer system
A single payer system is defined as streamlined financing mechanism where one entity administers the health care funding and payments. It expands the cost-effective and administratively efficient Medicare program to cover everyone in the United States (nhchc.org).
Although the Medicare program has many pros, analysts have also recorded the cons to our society over the last 57 years. These cons include High cost to administrate, increasing costs for hospital stays, and high costs for taxpayers. These cons are inevitable effects of such an extensive program, and do not outweigh the aforementioned pros.
If you or someone you know needs help finding affordable health insurance coverage, call Jackson Insurance Group at (662) 432-1698.
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