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Medicare Health Care Reform
The Medicare is an American health program that is administered by the federal government and serves as a health insurance for people aged 65 years and above. The Medicare is also designed for people with disabilities and people diagnosed with the renal disease. (Davis, Cathy, & Stuart, 2013). The Medicare is currently being funded by the premiums, payroll tax, surtax from general revenue. In 2015, over 55 million American enrolled for the Medicare services where 46 million people are people aged 65 years and above and 9 million are young people. On the average, Medicare covers half of the health costs and the enrollees are to cover the remaining costs through a separate insurance, supplemental insurance, or out-of-pocket. Since the inception of the Medicare, the cost of funding the program continues to increase, and the rising costs of funding are becoming unbearable both for the current and future taxpayers. In 2015, the federal government spent $527 billion on Medicare, and the funding is projected to increase to $1.1 Trillion in 2024. Thus, the federal government is required to implement reforms to address the problem of Medicare rising costs. (Moffit, & Senger, 2013).
The objective of this paper is to recommend solutions to the increase in the Medicare costs.
Solutions to the Problems of Medicare Costs Increase
Since the inception of the Medicare program, the Medicare...
As being revealed in Fig 1, the actual Medicare spending increased from $446 Billion in 2010 to $505 billion in 2014. (Moffit, & Senger, 2013). However, the net outlay is projected reaching $866 Billion in 2024. Kaiser Family (2015) argues that the projected Medicare is expected to grow by 4.1% between 2014 and 2024 than 1% increase in the previous years between 2010 and 2014.
"Between 2014 and 2024, the associated Medicare the rate of Medicare per capita spending growth is expected to be 0.7%age points larger than projected growth in GDP per capita, while private health insurance per capita spending is expected to grow 1.3%age points faster." (Kaiser Family 2015 p 3).
Fig 1: "Actual and Projected Net Medicare Spending 2010-2014."
Source: (Kaiser Family 2015).
The federal government should implement both the short-term and long-term solutions for the costs control strategies that will assist in reducing the constant increase of the Medicare costs. The first strategy is to implement both the administrative controls and pricing control to enhance the Medicare reform. It is essential to realize that Part A and Part B Medicare payment services are financed through price…
Reference
Blum, J. (2011). Improving Quality, Lowering Costs: The Role of Health Care Delivery System. Center for Medicare Management.
Davis, K. Cathy, S. & Stuart, G. (2013). Medicare Essential: An Option to Promote Better
Care and Curb Spending Growth, Health Affairs 32, no. 5: 901 -- 9.
Golberstein, E. Kayo, W. Yulei, H. et al. (2013). Supplemental Coverage Associated with More Rapid Spending Growth for Medicare Beneficiaries, Health Affairs, 32, no. 5. 873 -- 81.
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