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Finance & Accounting
Pages 6 (1506 words)
The United States Medicare Program (Name) (University) (Course) (Tutor) Introduction Medicare is the United States federal health insurance program that covers people who are 65 years or older or those under 65 years of age with certain disabilities and people of any age with end stage Renal disease, a permanent kidney failure requiring dialysis or a kidney transplant.
Part B also called medical Insurance helps cover doctors’ and other health care providers, services, outpatient care and home health care. It also covers preventive services. Here most people pay a standard Medicare part B Premium. Medicare part C also known as Medicare advantage offers health plan options run by Medicare –approved private insurance companies. Part D also called Medicare prescription drug coverage helps cover the cost of prescription drugs. It also helps in lowering the cost of prescription drugs and shield against higher cost (CMS, 2011). Financial Compliance Medicare spending is a large component of the federal budget and national health spending, in 2006 the Medicare benefit payments totaled $374 billion, in 2007 Medicare spending accounted for 12% of the federal budget and the same year spending on Medicare benefits was 20% of the nation’s total health care sending (Kaiser, 2007). Medicare is financed majorly by payroll tax revenues, general revenues and premiums paid by beneficiaries. Part A is financed by a dedicated tax of 2.9% of earnings paid by employers and their employees. Part B is financed through a general revenue and premiums paid by beneficiaries. ...
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