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- Signed into law July 30, 1965, by Lyndon Johnson, as amendment to the Social Security Act
- Part A: Hospital, inpatient, nursing homes
- Part B: Routine and preventative care, must be "medically necessary" (may require premiums)
- Part C: Pre-packaged combinations of Parts A, B, and D (may require premiums)
- Part D: Prescription drugs (may require co-pay)
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Medicare is a government-funded program that provides health care insurance for all United States citizens age 65 and over and people under 65 with certain medical issues. Anyone over 65 who is living in the U.S. is eligible for Medicare. However, to receive Medicare Part A without monthly premiums, a person needs to have worked in the U.S. for at least 10 years.
Treasury Secretary Timothy Geithner announced on May 12, 2009 that the current recession in the United States has had a negative impact on the Medicare program. According to new estimates, the Medicare hospital insurance trust fund will be exhausted by 2017, two years earlier than the last estimate. In 2008, Medicare began paying out more in benefits than it was taking in in payroll taxes. Geithner recommended "congressional action" to ensure that Medicare benefits are not interrupted.CNN: Recession hits Social Security hard (May 12, 2009)
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Medicare's Future
Recent projections predict that Medicare will have no money left to pay hospital bills in 2017.Medicare Running Out of Funds, Requiring Changes (March 28, 2008) Legislators continue to debate the best course of action to keep Medicare solvent. Although no major action has been taken as of 2009, proposals include decreasing benefits, reducing payments to doctors, increasing payroll taxes and increasing the age of eligiblity.Revolution Health: The Medicare Meltdown (July 1, 2008)CNN: Recession hits Social Security hard (May 12, 2009) -
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Medicare Questions
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Medicare taxes? 1 AnswerSome would say that you were not paying for them, but towards your own medicare when you became an 'old folk'. Opinion on this is not unanimous, as you certain... read more -
What are the similarities and dissimiliarities between the French Health System and Medicare? 1 AnswerThe French health care system was rated #1 by the World Health Organization in 2007, while the USA ranked 37th (lowest among developed countries) here are some... read more -
Under the new Right of Conscience HHS rule, can I be reimbursed by medicare for my faith healing practice? 2 AnswersI doubt it. The rule does not change the definition of accepted medical practice, which excludes faith healing. read more -
According to one recent estimate, the unfunded liability of Social Security plus Medicare is 107 TRILLION dollars! How will this be paid? 1 AnswerThey've been aware of this problem for a long time now, and the solutions are straitforward, but politically unpopular in the US, even though they were dealt wi... read more
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Featured Mahalo Topics
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On Twitter powered by Twitter
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Tax credits, Medicare fix in Senate jobs bill (Reuters via Yahoo! News) http://tinyurl.com/ydhwlkh
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Unfair Cardiology cuts by Medicare could threaten patient acces to care - http://tinyurl.com/ykaya2d
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Tax credits, Medicare fix in Senate jobs bill (Reuters via Yahoo! News) http://bit.ly/a17fOS
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Tax credits, Medicare fix in Senate jobs bill http://bit.ly/afqURL
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