Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Reply to Carina Regarding Health Issues to Resolve
When I retire, the first issue is how much I should plan to rely on Medicare to cover my healthcare costs as I continue to age. Many are still confused and do not have the proper knowledge of how Medicare works and what it covers. Despite Medicare's assistance to pay medical spending, there are a few gaps that many people are unaware of, such as oral treatment.1 How much of one's retirement income to set aside for healthcare is determined mainly by age and general health.1 Since insurance is modified, implying services are offered and removed, this scenario is challenging to overcome by legislative health policy.1 It can be challenging to determine how often one can depend on Medicare using new plans.1
Yes, in several instances, it comes as a surprise to older people that Medicare is not free. This is due to a lack of clear information on what Medicare covers and how it works. Based on an individual's specific coverage and how frequently one uses healthcare systems, the cost of healthcare can become too expensive after retirement (Lake, 2021). However, one's overall retirement budget relies on the following. One is the amount of money one will receive every month, and two is the total cost of an individual's expenses. Averagely, adults at 65 and beyond use around $4,195 per month.
Nonetheless, as of 2021, social security only disbursed...…coverage.1 This is wonderful, in my opinion, for everyone to have access to health care services when they are needed, but it also means that they receive their services for free, while others who do not qualify must pay for them.1
It isn't comforting to note that some organizations do not apply for the coverage while others do. Usually, the federal government subsidizes health insurance for people below 65 in multiple ways. For instance, an employment-based range is given tax benefits. Individuals who buy coverage through the health insurance marketplaces developed by the Affordable Care Act are assigned tax credits, among others (Ghilarducci & James, 2018). Otherwise, as John 1:2 stipulates, "Beloved, I pray that all may go well with you and that you may be in…
References
Ghilarducci, T., & James, T. (2018). Rescuing retirement. In Rescuing Retirement. Columbia University Press.
Lake, R., (2021). How To Plan for Medical Expenses In Retirement. [online] Investopedia. https://www.investopedia.com/retirement/how-plan-medical-expenses (Links to an external site.) Accessed 11 May 2022.
Ordinary insurance companies were not willing to extend insurance services to older citizens since it was considered a losing proposition. With the enactment of Medicare, 99% of older people in the country have health insurance and poverty among this group has dropped significantly. With this program, people now have access to better healthcare services which has resulted in increased life expectancy. The reason we can say with some degree of
Unlike Medicare, Medicaid is not a purely federally-funded program. Every state has a Medicaid budget, which the federal government 'matches' based upon a formula, despite the fact that Medicaid is considered an entitlement, implying that enrollees are entitled to benefits regardless of where they live. Because federal funding is 'matched' that means that states that spend more on Medicaid -- usually wealthier states -- tend to receive more federal funds
Medicaid offers service regardless of age (Waidmann 1998). The author asserts that raising the age eligibility will simply increase the responsibilities of the Medicaid system (Waidmann 1998).. On the other hand, the article also asserts that an increase in the eligibility age to 67 will only make a small difference in Medicare savings. The article explains that it would only add one year to the life of hospital insurance
In 2003, President Bush expanded Medicare, by subsidizing prescription drug costs under Part D. There are further changes to Medicare and Medicaid in the Affordable Care Act. There were expansions in the number of preventative health care services offered for free (such as colorectal screening), and by closing gaps in prior coverage (HHS, 2012). Berenson (2010) notes that the ACA pays for this expanded coverage by decreasing Medicare spending by
Yet, the working class poor elderly person (officially defined as such by the U.S. Bureau of Labor statistics (2011) who, despite working 27 weeks or more -- tedious heard labor- and around the clock still show income that are at, or below, the official poverty threshold) in particular have the most difficult situation since they do not reach Poverty Guidelines that are defined by the U.S. Department of Health
Medicare, SCHIP, and PPACA Who is Eligible for Medicare? Medicare is essentially an insurance program available to individuals when they reach retirement age. It is however important to note that to be eligible for Medicare, individuals must first satisfy a few requirements. To begin with, in addition to being a U.S. resident, one has to be of age 65 and above to be eligible for Medicare (Medicare, 2012). As Medicare (2012) further