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The Republicans’ proposals for Medicare are quite different than the Democrats’ in that they begin with fundamental structural changes that will convert Medicare from a defined benefit to a defined contribution plan. The Democrat’s plan, see my last post, approaches the fix mainly with price controls.
Politicians realize that Medicare will not be able to continue on its current track. Something has to change since the country will simply not be able to afford the inexorable growth…Continue
Added by Stephen C Schimpff on August 15, 2013 at 8:55am — No Comments
The two party’s approaches are quite different. The Democrats’ plans are contained generally in the Affordable Care Act (ACA) and for the most part are based on rate or price controls. This is Part 4 of my series on Medicare. Politicians realize that Medicare will not be able to continue on its current track. Something has to change since the country will simply not be able…Continue
Added by Stephen C Schimpff on August 12, 2013 at 8:13am — No Comments
A retired couple can expect to spend about $6000 per year (or more) for Medicare. And since Medicare does not “cover” all costs, there will be added expenses as well.
Part A, generally for hospitalization, is paid fully by the Medicare Trust Fund supported by the Medicare tax described in my last post, which you paid into all of your working life. Part B, generally physician fees, is paid 50-50 by the individual and the federal government from general tax revenues, not the Trust…Continue
Added by Stephen C Schimpff on August 10, 2013 at 9:05am — No Comments
Medicare is complicated. And expensive to government and individuals. My last post was the beginning of a primer on Medicare. It is not simple but can be understood. Medicare covers about 50 million older Americans for general health care and covers about 75% of covered services or 50% of total health care costs of these seniors. Medicare, as the largest single insurer, sets the standard for reimbursement rates across all insurers. It tends to pay slightly less than costs, leading hospitals…Continue
Added by Stephen C Schimpff on August 9, 2013 at 9:13am — No Comments
With the nomination of Congressman Paul Ryan last summer as the vice presidential candidate of the Republican Party, Medicare became front and center in the political discussions and, although there is less attention just now, it will return with a vengeance once again to dominate. To understand the dialogue requires an understanding of Medicare, how it works, where the money…Continue
Added by Stephen C Schimpff on August 5, 2013 at 10:30am — No Comments