Medicare and Medicaid, Who Pays For It?

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Medicare is the national health plan that most citizen upon turning 65 years old, will qualify for it. It consists of parts A, B, C, and D. You will have worked 40 quarters in your lifetime in order to obtain it. Others below age 65 will qualify due to a Federal definition of disabled and then after 24 months after the declaration.

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How is Medicare and Medicaid, Who Pays For It?

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Medicaid is simply welfare for poor folks who fall below a positive revenue level. It is administered by the state in which you live and the minimum revenue requirements vary by such. It pays the equilibrium of what Medicare doesn't.

Ideally , Medicare was set up in a trust fund, like social protection and the imaginable supervene was that the money would stay there until you turned 65 and the interest as well as the principle would pay for your health care. Unfortunately, the current beneficiaries medical claims under the agenda are being paid for by the taxes being deducted by the current workforce. The money that was held in trust was simply spent for anything the Congress decided to pay for other stuff. Why Medicare and Medicaid are going broke is this: You cannot preserve the money being paid for claims when the workforce is declining and the beneficiary rolls are increasing. Think of it this way: Not adequate citizen are working, having the tax deducted and the baby-boomer citizen is increasing at the rate of person turning 65 every nine seconds, getting on Medicare and going to the hospital. One decreases, the other increases.

As far as Medicaid is concerned, you have even more of the 65 year old citizen being poorer due to the economy meltdown and when person is poorer, they get sicker. So even more stress is put on the state's budgets to pay that part of what Medicare did not cover. No wonder the state's are going broke as well as the Federal government program!

What the focus of the clarification should be is that more jobs need to be created so more citizen are paying into the system to adapt the increasing turning 65 population. Also, the emergency room should stop being used as a doctors office. citizen go there when they get sick, because they know that they will not be denied medical care and therefore the social workers at the hospital have the citizen enroll in Medicaid so the hospital can try and recover some of the costs from the state.

Solutions cannot happen overnight, but the turning 65 baby boomers start in 2010 and continue a aggressive growth for the next 10 years. We have to be prepared for that, otherwise Medicare will undoubtedly go broke.

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