Medicare is changing! Like it or not!
Medicare recently made headlines with the elections just around the corner! This essay is not about Republicans versus Democrats; it’s about changing Medicare and affordable health insurance, regardless of who or what political party takes office! This is because Medicare can’t continue with business as usual, so politicians are forced to deal with the elephant in the room. As expected, Medicare is expected to run out of money for hospital care in 2024, and the taxes received will pay only 90% of the benefits.
Who do we blame?
Putting the blame on the over one million baby boomers per year who registered for Medicare plan, but that won’t make sense. This problem obviously could have been solved a long time ago. Others are pointing to rampant abuse and fraud in the $1 billion Medicare system. Another challenge is 20-30 percent of expenses on Medicare wasted on needless procedures.You have changed your plan to include original Medicare as an option. What most people do not understand is that privatized Medicare is available in the form of Medicare Advantage. In fact, 25% of all Medicare beneficiaries are enrolled in a Medicare Advantage plan. The policies in their present state are sensible for many recipients who want to handle costs and take advantage of the benefits provided by these plans. Medicare benefit plans are offered by many companies, such as Wellcare, Humana, Health Springs, and United Healthcare.
The first alternative to a Medicare policy was introduced due to the Balanced Budget Act of 1997. Also referred to as Medicare plus policies, they provided seniors the option of receiving benefits from a private company. With the Prescription of Medicare, Modernization Medication and Improvement Act of 2003, the policy was named Medicare Advantage.Medicare has four main components: Parts A, B, C and D. Medicare Part A offers benefits of hospitalization. Part B of Medicare covers the needed durable medical equipment (DME), medical treatments, and different preventive services. Some preventive services include diabetes, tests of glaucoma, cardiovascular disability, colon cancer, and HIV. Also, mammograms and pelvic and prostate exams are covered.
Some Medical services offered under Part B include items such as nutritional medical therapy, influenza vaccines, bone mass measurements, and pneumonia vaccines. The claims paid by Medicare are about 70 percent of the total sent by a provider. Now, the current general rule is that Medicare will cover 80 percent of the charges incurred. Click here for quotes and rates. Of that 80%, Medicare pays a share of another 80%. For the Medicare member, this represents approximately 65% of the bill. The responsibility to pay the remaining 35% belongs to the member. There is no upper limit to what may be due.