...Rolunda Baker Medicare Crisis Medicare is another project of Lyndon Baines Johnson Great Society. Spending is obviously out of control. On June 5th the government announced that the Medicare Trust Fund would go broke if something isn’t done with the spending (nationaldebt). In 1965 when LBJ started Health and Medicare, the Total Federal Spending for the year was $101 Billion. By the year 2000 we will spend over 4 times than amount on Health and Medicare alone, and Medicare will equal the annual spending for Defense (CNN). Medicare was a program that was not acceptable gracefully by the Liberal/Socialists. You might keep this in mind when we get to the point where we have to choose what we CAN do versus what we would LIKE to do. According to CMS the government predict that if healthcare keeps going the in the current direction the cost of Medicare will have exceeded defense spending, unlike other Healthcare systems the US healthcare has been a problem for the government as well for it has added to the enormous debt the country already has. Another major problem of Medicare is that the government does not regulate Medicare enough (Medicare). Medicare affects all different aspects of different programs. For instance Medicare affects Social Security (national debt). Social Security has already exceeded Defense spending by almost double. Just like Medicare, Social Security is being abused. So many people abuse the system, by that i mean people take advantage of it. It is different...
Words: 1251 - Pages: 6
...System Evolution From the Medicare/Medicaid focus, I will attempt to break this down from the evolution of the old to the influence of the current or present systems. I would further consider the old concepts of supply and demand. Health care is no different. In early health care delivery, there was not much demand because there was not much known. In many instances, patients weren't as educated about healthcare and illnesses to know where to go to seek care. This is evident by the people using home remedies and other alternatives that prevented them from going to the doctor. Research was not available as much to the average patients or their families to educate them about the risk of not receiving treatment for certain conditions. When looking at doctors, they use to be just local folks who happened to be doctors, and they treated many conditions in their local offices without needing to file on Medicare/Medicaid. The people were their neighbors and the doctor and patients knew each other personally. Cost was not associated with this type of care. It was like doing a favor for neighbors and friends. Tools and supplies doctors used back then were less expensive. To make a long story short, there was not much patient care demand nor was there much cost. So there was not as much for Medicare/Medicaid to pay for. Finally, the people running Medicare and Medicaid trusted doctors more. If the doctor it stated it was needed, neither Medicare nor Medicaid questioned it...
Words: 1162 - Pages: 5
...Medicare is a national social insurance program, administered by the U.S. federal government, that guarantees access to health insurance for Americans ages 65 and older and younger people with disabilities as well as people with end stage renal disease. As a social insurance program, Medicare spreads the financial risk associated with illness across society to protect everyone, and thus has a somewhat different social role from private insurers, which must manage their risk portfolio to guarantee their own solvency.[1] Medicare offers all enrollees a defined benefit. Hospital care is covered under Part A and outpatient medical services are covered under Part B. To cover the Part A and Part B benefit Medicare offers a choice between an open-network single-payer plan (traditional Medicare)and a network plan (Medicare Advantage, or Medicare Part C), where the federal government pays for private health coverage. A majority of Medicare enrollees have traditional Medicare (76 percent) over a Medicare Advantage plan (24 percent). Medicare Part D covers outpatient prescription drugs exclusively through private plans, either standalone prescription drug plans or through Medicare Advantage plans that offer prescription drugs In 2010, Medicare provided health insurance to 48 million Americans—40 million people age 65 and older and eight million younger people with disabilities. Medicare serves a large population of old, sick, and low-income people, many of whom would be unable to...
Words: 293 - Pages: 2
...America’s safety net. The promise of the act was to ensure that America’s retirees would have some protection from poverty. Since the Social Security Act of 1935 was passed, the social safety net has been expanded to cover additional groups and classes of people. The most important additional programs established being MediCare and MedicAid. After years of running a surplus, Social Security has reached an inflection point. At the current rate of drawdown, the trust fund will run dry, and Social Security will begin to operate as a pay-as-you-go program, potentially only paying 75% of promised benefit levels. This paper will discuss the history of Social Security, demographic and technological trends that affect Social Security, the future implications of these trends for Social Security, and possible solutions. A Brief History of Social Security Social Security as we know it today evolved from the Social Security Act of 1935. Under the terms of the original law, Social Security benefits only applied to the employee. Today, Social Security pays benefits to the employee, the spouse, and the disabled and contains the provision for what is known as Medicaid and Medicare. When compared to today’s law, the scope of the original version of the Social Security Act was much narrower. For example, agricultural workers, domestic workers and government employees were excluded under the original act. Since 1935, Congress has expanded the number employees eligible to contribute to and draw...
Words: 2360 - Pages: 10
...Solvency II Συνοπτική Παρουσίαση Έκδοση : 1.3 Ημ/νία : 02/11/2006 Μ.Χαμπάκη Ε.Α.Ε.Ε Solvency II - Συνοπτική Παρουσίαση Περιεχόμενα Περιεχόμενα .................................................................................................................2 Περίληψη......................................................................................................................3 Ιστορική αναδρομή.......................................................................................................5 Solvency II....................................................................................................................6 H δομή των τριών πυλώνων ........................................................................................9 Solvency II και αντασφάλιση ......................................................................................16 Solvency II Readiness Report....................................................................................17 Γενικά Συμπεράσματα................................................................................................19 Appendix I – Solvency I ( Σημερινό καθεστώς) ..........................................................20 Appendix II – CEIOPS/CFA (Αιτήματα για γνωμοδότηση της Κομισσιόν από τον CEIOPS) ....................................................................................................................22 2 Solvency II - Συνοπτική Παρουσίαση Περίληψη Ιστορική αναδρομή Η τρέχουσα...
Words: 815 - Pages: 4
...The Future of Medicare Lolita Fields William Carey University NMBA 6920 Medicare celebrated 50 years in 2015. Since being passed in 1965 Medicare has been the source of health insurance for nearly 45 million Americans. According to CMS.gov Medicare has a Part A hospital insurance, Part B medical insurance, and Part D prescription drug coverage. There is also a Medicare Advantage Plan which is called Part C. Today there is a challenge of how to finance care to future generations without burdening the economy or taxpayers. Before we look in to the future lets revisit the past starting with the birth of Medicare. In 1965 President Harry S. Truman proposed a national health care program. He wanted health security for all regardless of residence, station, or race for everyone in the United States. The proposed plan came under scrutiny from the American Medical Association and the bill was not passed. By 1960 the government recognized there was a problem with access to health care for the senior American population. The Kerr-Mills law was enacted so states could receive federal dollars to provide health care for older poor people in the south. By 1963 only 32 states adopted the Kerr-Mills Act and the program proved ineffective because it only reached less than 1% of the senior population. This laid the foundation for Medicare. On July 30, 1965 President Lyndon B. Johnson signed Medicare into law. The principles of Medicare was to provide coverage to all people...
Words: 981 - Pages: 4
...The United States Social Security System is often considered a political football, frequently debated on whether the government should continue to manage it or should it be privatized. Either way, in today’s economy, it’s vital to the welfare of many. The main purpose of the system is to provide benefits to America’s workers and their families for retirement, disability, and early death. (Unknown Social Security ProCon) According to the data collected in the 2000 census, “Social Security is the main source of income for men and women 65 and older.” (Hartmann, Lee Highbeam) This finding proves people have become to depend on the government for this benefit, and for a multitude of reasons are not saving enough money to live on once they retire. This increases the need to fund the system in a sustainable fashion. As a country, we must find a solution that meets the needs of its retired citizens and provides benefits for them. While the media depicts privatization or government run as the only viable options, a blend of the two is what will best sustain the system going forward. In 1935, the United States passed the Social Security Act. This act was part of President Franklin Delano Roosevelt’s New Deal program. The New Deal program enabled two types of social insurance tracks to be created. The first piece at the federal and state level was created to provide unemployment benefits and the second to provide monetary benefits for retired people sixty-five and older. Additional...
Words: 2491 - Pages: 10
...Finance 4510 Exam Two Directions: Pick 10 questions and do a very good job of answering the questions. Essay Questions, not short answer. Reference each question, where you found your answers. Run a spell and grammar check. Discuss the uses of Life Insurance and explain how you would determine how much life insurance a family would need. Discuss the use of Disability Income Insurance and explain how you would determine how much disability insurance an individual would need. Name a category of individuals who might benefit from Disability Income Insurance. Explain why this category might need Disability Insurance. Discuss the use of Property and Causality Insurance and how this is used by a family or individual. Property and casualty insurance is insurance that protects against property losses to one’s business, home or car and against legal liability that may result from injury or damage to the property of others. This type of insurance can protect a person or a business with an interest in the insured physical property against losses. Auto Insurance policies typically cover you and your spouse, relatives who live in your home and other licensed drivers to whom you give permission to drive your car. The policy provides coverage for both bodily injury and property damage liability as well as physical damage to your vehicle. Auto insurance typically covers personal injury, medical payments, uninsured motorist, underinsured motorist, auto rental, emergency road assistance...
Words: 2750 - Pages: 11
...Medicare and Medicaid are both government-sponsored programs designed to help cover healthcare costs. While both were established by the U.S. government in 1965 and are taxpayer funded, they are actually very different programs with differing eligibility requirements and coverage. Medicare is designed to help with long-term care for the elderly, while Medicaid covers healthcare costs for the poor. Medicare is a federal program attached to Social Security. It is available to all U.S. citizens 65 years of age or older and it also covers people with certain disabilities. It is available regardless of income. Medicaid is a joint federal and state program that helps low-income individuals and families pay for the costs associated with medical and long-term custodial care. The federal government funds up to 50% of the cost of each state's Medicaid program, with more affluent states receiving less funding than less affluent states. Because of this federal/state partnership, there are actually 50 different Medicaid programs, one for each state. Unlike Medicare, which is available to everyone, Medicaid has strict eligibility requirements. Medicaid is often used to fund long-term care, which is not covered by Medicare or by most private health insurance policies. Medicaid is the nation's largest single source of long-term care funding. Medicare and Medicaid programs work together to provide medical coverage to elderly and poor people. Medicare is the primary medical coverage provider...
Words: 312 - Pages: 2
...Modern Health Insurance Model Health insurance has changed a lot over the years and will continue to change over time. There are many things to consider when looking at health insurance. Some of the aspects and terminology a person may need to inquire about when dealing with insurance would be group health insurance and individual health insurance. Individual health insurance “is a type of coverage purchased on the private market by a single person for themselves or their families.” (Contributor) It is meant to cover more than one person even though some mistake it for only one person because of the terminology “individual”. People whom normally purchase this type of insurance “don’t have access to group health insurance, can be denied, and will most likely be required to pay higher premiums due to age, gender, or any pre-existing medical conditions.” (Rowell, 2011) “Group health insurance is designed specifically for companies to buy for their employees.” (Contributor) This type of insurance is purchased on the open market just like individual health insurance but only by the employer not the employee. (Contributor) Another meaning for group health insurance is “traditional healthcare coverage subsidized by employers and other organizations (e.g., labor unions, rural and consumer health cooperatives) whereby part or all of the premium costs are paid for and/or discounted group rates are offered to eligible individuals.” (Rowell, 2011) When comparing and contrasting...
Words: 561 - Pages: 3
...Severance | How do you reform something that is so messed up that one wonders how it is possible? Currently on the table is the “Patient Protection and Affordable Care Act (PPACA), better known as Obamacare (Cannon and Tanner). As someone that is currently uninsured and low income, I would likely benefit greatly from this plan. On the surface it seems like a good idea; however where do we live? When did the United States Constitution give the United States government so much power that they could mandate we participate in a program? Even Income Tax is technically voluntary. PPACA (Obamacare) is the most extensive overhaul of the American health care system since the passage of Medicare in 1965; more so than Medicare part D that came to pass under George W. Bush; which was the largest expansion to Medicare since inception. If reform is what is truly desired, why not look at the effect of what the free market can do if allowed to do what it is designed to do. A few years ago, Target Stores decided to start a program in Florida charging $4 for a 30 day supply of most generic prescription drugs. How long after that did Wal-Mart take the program national? Less than 3 months. There was no way that the world’s largest retailer was going to let Target create a market strategy like that unchecked. Today, just about every major retail city has the same program in several different stores. In Colorado you find it at Target, Wal-Mart, King Soopers ( Kroger owned), Albersons and now even...
Words: 858 - Pages: 4
...Dealing with Fraud Liquid Professor Beharry Health Care Policy, Law, and Ethics March 18, 2013 Abstract This paper will evaluate how the Healthcare Qui Tam affects health care organizations while providing (4) examples of Qui Tam cases that exist in a variety of health care organizations. Other responsibilities discussed, are devising a procedure for admission into a health care facility that upholds the law about the required number of Medicare and Medicaid referrals; the ability to recommend a corporate integrity program that will mitigate incidents of fraud and assess how the recommendation will impact issues of reproduction and birth. The know how to devise a plan to protect patient information that complies with all necessary laws. Evaluate how the Healthcare Qui Tam affects health care organizations. The Healthcare Qui Tam affects health care organizations in that well over more than 450 hospitals across the country were the subject of Medicare fraud investigations. Whether or not Medicare violations are found, the costs of responding to an investigation can be significant. Westchester Medical Center of New York, being investigated for possible health care fraud and violations of anti-kickback laws, received a subpoena for extensive records in some thirty-seven categories going back to 1997. Millions of dollars may be spent in legal fees and other costs associated with the investigation (e.g., hiring or reassigning staff to assist with compiling...
Words: 2629 - Pages: 11
...outsourced to private businesses. Like anything performed by any business, organization or government body, there are potential improvements that could be implemented. Here, I will discuss the stakeholders involved in the federal healthcare systems of Medicare and Medicaid, and how the strategies might be improved within outsourcing practices. Multiple groups hold interest in the strategies used by Medicare and Medicaid to provide healthcare to patients. Medicare contracts with private health insurance companies to provide specific benefits to people with Medicare. People eligible for Medicare include those over 65 years old, or those who are disabled. Medicaid is operated at the state government level, and generally covers disabled, and people over 65 years old with low income and minimal assets. In addition to the people covered under these systems, additional stakeholders include doctors, hospitals, insurance brokers and agents, and public policy-makers (legislators). An easily forgotten group of stakeholders within these systems are taxpayers not currently receiving direct benefits from these systems, but who are directly contributing funds which are used to fund Medicare and Medicaid expenditures. Those who are recipients of Medicare and Medicaid benefits want to receive the best possible care, with the least amount of cost to them personally. Meanwhile doctors and hospitals want to receive the highest possible amount of reimbursement for their services, facility use and time...
Words: 1408 - Pages: 6
...observation rooms, four surgical operating rooms, a 24-hour emergency center, a maternity department including one C-section room and an intensive care unit. It will also have extensive support services such as physical therapy and cardiac rehabilitation. In order for the new facility to be a success, we must prepare next year’s financial plan and operational budget. This can be accomplished through careful planning, forecasting, and finance management. First, we need to expand the budget and take into consideration any new services being offered. We have $3 million we can use for additional staff, maintenance and other services. Funding sources The primary source of funding is through government health insurance programs. Medicare is the largest source of funding and makes up approximately 40% of the total funding for health care facilities. A second government funding opportunity is Medicaid, which is a joint responsibility of the Federal and State governments. Because of their quick reimbursement turnaround time, many hospitals rely on those reimbursements to fund the overhead costs of the facility and pay the salaries...
Words: 1439 - Pages: 6
.../531 Human Capital Management Final Exam Progress: (0/36) 1) ____________ are internal states that focus on particular aspects of or objects in the environment. A. Concepts B. Abilities C. Attitudes D. Values 2) Inventory shrinkages and accidents pertain to which component of direct costs associated with mismanaged organizational stress? A. Communication breakdowns B. Loss of vitality C. Performance on the job D. Participation and membership 3) Distrust, disrespect, and animosity pertain to which component of indirect costs associated with mismanaged organizational stress? A. Communication breakdowns B. Performance on the job C. Participation and membership D. Quality of work relations 4) Title VII is most relevant to the employment context because it __________on the basis of race, color, religion, sex, or national origin in all aspects of employment. A. prevents layoffs B. eliminates nepotism C. prohibits discrimination D. encourages advancement 5) Thousands of equal-pay suits have been filed, predominantly by ___________ since the Equal Pay Act of 1963 was passed. A. Americans with disabilities B. the elderly C. African Americans D. women 6) The Thirteenth Amendment A. prohibits each government in the U.S. to stop a citizen from voting based on race B. prohibits the denial, termination, or suspension of government contracts C. prohibits slavery and involuntary servitude D. guarantees equal protection of the law for all citizens 7) Which of the following would you associate...
Words: 1389 - Pages: 6
