How can we solve the Medicare problem?
· If we want to solve the looming Medicare crisis, maybe inviting more immigrants here should be part of the solution. LINDA CHAVEZ, a Washington Examiner columnist, is nationally syndicated by ...
How to fix the Medicare cash flow problem?
· The key is to find ways to address the system’s financial crisis other than just raising taxes or cutting benefits, both of which will hurt people. One way this can be done is through Medical...
How do I get help with Medicare questions?
· Real Solutions for Medicare Solvency and Reducing the Deficit 1. Bring Down the Costs of Prescription Drugs. Medicare should benefit from the same discounts for prescription drugs as... 2. Stop Paying Private Medicare Plans Anything More Than Traditional Medicare. Prior to the Affordable Care Act ...
Is there a solution to the medical cost crisis?
The reason: It is politically impossible to solve an imminent finan cial crisis in any part of Social Security with benefit cuts because they w ould have to be precipitous and would fall harshly ...
How can Medicare problems be solved?
Call 1-800-MEDICARE (1-800-633-4227) You can call 1-800-MEDICARE and speak with a representative to ask questions about Medicare or get help resolving problems with Medicare. We made a test call to this number and were greeted by a polite Medicare representative after being on hold for about 90 seconds.
How can Medicare be sustainable?
Increase co-payments from retirees – putting more of the costs of the program on retirees is another way to make Medicare more sustainable. This has already occurred by increasing the Medicare Part B premiums and increasing deductibles.
Can Medicare be saved?
The truth is that we cannot save Medicare as we know it. We can save Medicare only if we change it.
Is Medicare in a state of crisis?
The Medicare Hospital Insurance (HI) Trust Fund, which pays for Medicare beneficiaries' hospital bills and other services, is projected to become insolvent in 2024 — less than three years away.
What are two challenges to the long term sustainability of the Medicare program?
A shrinking taxpayer base, swelling beneficiary numbers and growing healthcare costs all threaten Medicare's long-term viability, according to the HHS, and the agency warned the program would need to increase its revenue or drastically reduce benefits to balance its budget.
How can I save $144 per month on Medicare?
Four ways to save money on your Medicare Part B premiumsSign up for Part B on time. ... Defer income to avoid a premium surcharge. ... Pay your premiums directly from your Social Security benefits. ... Get help from a Medicare Savings Program.
Why do doctors not like Medicare Advantage plans?
If they don't say under budget, they end up losing money. Meaning, you may not receive the full extent of care. Thus, many doctors will likely tell you they do not like Medicare Advantage plans because the private insurance companies make it difficult for them to get paid for the services they provide.
What is the maximum income to qualify for Medicare?
To qualify, your monthly income cannot be higher than $1,010 for an individual or $1,355 for a married couple. Your resource limits are $7,280 for one person and $10,930 for a married couple. A Qualifying Individual (QI) policy helps pay your Medicare Part B premium.
What will happen if Medicare runs out of money?
It will have money to pay for health care. Instead, it is projected to become insolvent. Insolvency means that Medicare may not have the funds to pay 100% of its expenses. Insolvency can sometimes lead to bankruptcy, but in the case of Medicare, Congress is likely to intervene and acquire the necessary funding.
What is the future of Medicare?
After a 9 percent increase from 2021 to 2022, enrollment in the Medicare Advantage (MA) program is expected to surpass 50 percent of the eligible Medicare population within the next year. At its current rate of growth, MA is on track to reach 69 percent of the Medicare population by the end of 2030.
Is Medicare fully funded?
Medicare is funded by the Social Security Administration. Which means it's funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you're into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
Does Medicare go down to 60?
More than 125 House lawmakers introduced legislation Friday that lowers the Medicare eligibility age to 60 from 65. The Improving Medicare Coverage Act — led by Reps.
Is Medicare eligibility age changing?
Regardless of the outcome, the eligibility age for Medicare won't change overnight. Lowering the eligibility age is no longer part of the U.S. Government's budget for Fiscal Year 2022. So, the Medicare eligibility age will not see a reduction anytime in the next year.
What is the purpose of negotiating drug prices with Medicare?
The Medicare prescription drug law, passed in 2003, prohibits the Secretary of Health and Human Services from negotiating prices with pharmaceutical companies. These companies gained millions of potential customers when Medicare began covering prescription drugs, but they did not have to adjust their prices in return. Requiring the Secretary to negotiate drug prices for Medicare could help address rising prescription drug costs. [3] Taxpayers currently pay nearly 70% more for drugs in the Medicare program than through the Veteran's Administration, which has direct negotiating power. [4] Savings realized from reducing Medicare drug costs could be used to improve benefits for beneficiaries and reduce the deficit.
What would a drug benefit in Medicare do?
A drug benefit in traditional Medicare would protect beneficiaries against expensive and sometimes inappropriate marketing practices.
What is the ACA?
ACA includes strong measures to allow CMS to combat fraud, waste, and abuse that will bring down costs, as well as a variety of pilot and demonstration projects that aim to bring better care and quality to beneficiaries . Allowing the ACA to do its job will improve care and hold down costs for taxpayers.
How does the Affordable Care Act affect the deficit?
The Affordable Care Act includes many measures to control costs as well as models for reform that will increase the solvency of the Medicare program and lower the deficit while protecting Medicare's guaranteed benefits. The Congressional Budget Office estimates that repealing or defunding ACA would add billions to the deficit while ignoring the real issue of rising overall health care costs, which contribute heavily to the growing national debt. ACA includes strong measures to allow CMS to combat fraud, waste, and abuse that will bring down costs, as well as a variety of pilot and demonstration projects that aim to bring better care and quality to beneficiaries. Allowing the ACA to do its job will improve care and hold down costs for taxpayers.
Should private insurance be paid more than Medicare?
In short, private plans should not be paid any more than traditional Medicare. 3. Lower, Don’t Raise, the Age of Medicare Eligibility. Some proposals to reduce the national deficit would increase the age of eligibility for Medicare from 65 to 67, or even higher.
What was the ACA payment rate?
Prior to the Affordable Care Act (ACA), payments to private Medicare Advantage (MA) plans averaged as much as 114% of the rate the traditional Medicare program spent on a comparable individual. The ACA attempted to rein in these overpayments and bring MA costs more in line with costs under traditional Medicare. Despite these changes, though, various factors prevent more equitable and accurate payment to MA plans, resulting in inflated and wasteful payments. [5]
Should Medicare include a drug benefit?
Include a Drug Benefit in Traditional Medicare. Offering a drug benefit in traditional Medicare would give beneficiaries a choice they do not have now, encourage people to stay in traditional Medicare, and save money for taxpayers.
How many ways are there to manage Medicare deficits?
Under Medicare's current structure, there are six ways to manage and contain the program's long-term deficits:
How is Medicare funded?
In addition to taxes collected from workers, Medicare is funded through two separate trust funds: The Hospital Insurance (HI) Trust Fund. This fund supports Medicare Part A, which pays for hospitalizations, home health services following hospital stays, care at skilled nursing facility and hospice care for the aged and disabled.
How can we improve the health care delivery system?
Often this involves implementing incentives to use efficient providers and disincentives to use inefficient providers .
When will the HI Trust Fund be depleted?
The Trustees project that the HI Trust Fund will be depleted in 2029. At that time, ongoing tax collections from workers will pay for approximately 88 percent of HI benefits. If Congress allows the HI Trust Fund to become depleted, then Medicare Part A benefits will need to be reduced accordingly.
Is there a shortfall in Medicare and Social Security?
According to the summary of the 2017 annual report, "Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing. Lawmakers have a broad continuum of policy options that would close or reduce the long-term financing shortfall of both programs.". In addition to taxes collected ...
Is Medicare a financial pillar of Social Security?
Yet together they form the twin pillars of financial security for retirees.
Is medical cost a retirement challenge?
Medical costs represent a tough retirement planning challenge with no easy solutions. Consider it part of the cost for living longer than previous generations of retirees. Would you rather face these challenges or be dead?
How to get help with Medicare?
You can educate yourself using the Medicare Rights Center website, or get personalized counseling using the helpline available Monday-Friday at 1-800-333-4114.
How to ask questions on Medicare?
You can ask questions by using the live chat function accessed via a link near the top of the page. Using live chat, you and a Medicare representative converse by typing questions and answers into a pop-up box. I tried this myself and was assisted within 30 seconds by a knowledgeable representative even though it was 6:00 p.m. on a Saturday.
How to contact Medicare by phone?
Call 1-800-MEDICARE (1-800-633-4227) You can call 1-800-MEDICARE and speak with a representative to ask questions about Medicare or get help resolving problems with Medicare. We made a test call to this number and were greeted by a polite Medicare representative after being on hold for about 90 seconds.
What is the difference between Medicare.gov and MyMedicare.gov?
The information available on the MyMedicare.gov website differs from Medicare.gov in that it’s specific to you. You’ll be able to see your Medicare Part A and Part B claims as well as get quality information about your doctors, hospitals, and other healthcare providers.
What is Medicare.gov?
Medicare.gov is the official government website about Medicare. There are lots of private sites devoted to Medicare information and sales—some are very reputable, although some are not. But only the government website has the dot-gov domain name. 5.
What is a helpline counselor?
Helpline counselors offer assistance with Medicare questions like how to decrease your premium costs and with Medicare problems such as appealing payment denials. They can also provide extensive information regarding eligibility and enrollment, even for somewhat complicated situations.
What is Medicare Rights Center?
The Medicare Rights Center is a non-profit organization dedicated to helping Americans understand their Medicare rights and benefits, navigate the Medicare system, and get quality health care. It does this using the extensive library of information available on its website as well as through a telephone helpline.
When his administration and Congress get around to staving off Medicare insolvency, should they address?
When his administration and Congress get around to staving off Medicare insolvency, some experts say, they ought to also address longer-term questions about how best to provide high-quality health care at an affordable price for older Americans.
When will Medicare insolvency happen?
Insolvency projections for the Medicare Hospital Insurance Trust Fund have varied over the years, with current estimates projecting insolvency in 2026.
When will the Congressional Budget Office deplete?
Last September, the Congressional Budget Office (CBO) forecast depletion in 2024. In February 2021, the CBO pushed back that date to 2026 due to improved prospects for stronger economic growth and higher employment rates.
Does Medicare Hospital Trust Fund raise payroll taxes?
Since the Medicare Hospital Trust Fund is funded with payroll taxes, it seems logical that boosting solvency would involve gradually raising payroll tax rates.
Is Medicare insolvency a new issue?
Medicare Insolvency Issues Aren't New. The Medicare Hospital Insurance Trust Fund has actually confronted the risk of insolvency since Medicare began in 1965 because of its dependence on payroll taxes (much like Social Security).
What is Medicare Part A funded by?
Its Hospital Insurance Trust Fund pays for what's known as Medicare Part A: hospitals, nursing facilities, home health and hospice care and is primarily funded by payroll taxes. Employers and employees each kick in a 1.45% tax on earnings; the self-employed pay 2.9% and high-income workers pay an additional 0.9% tax.
Is Medicare funding important?
That said, while funding Medicare is vital, policymakers could do more than just look for a quick fix. They could seize the opportunity to improve Medicare for beneficiaries over the long haul, especially for Blacks, minorities and other vulnerable older adults who've accounted for disproportionate rates of Covid-19 cases and hospitalizations.
How does speeding up the cycle of care improve outcomes?
Speeding up cycle time also improves outcomes, both by minimizing the duration of patient uncertainty and discomfort and by reducing the risk of complications and minimizing disease progression. As providers improve their process flows and reduce redundancy, their patients will no longer have to be so “patient” as they receive a complete cycle of care.
What are the support resources needed to provide patient care?
Next, we identify the support resources necessary to supply the primary resources providing patient care. For personnel resources, as illustrated in the Patient Jones example, these include supervising employees, space and furnishings (office and patient treatment areas), and corporate functions that support patient-facing employees. When calculating the cost of supplies, we include the cost of the resources used to acquire them and make them available for patient use during the treatment process (for instance, purchasing, receiving, storage, sterilization, and delivery).
What is the numerator of health care?
The numerator aggregates all the costs associated with supplying a health care resource, such as Allen, White, or Green. It starts with the full compensation of each person, including salary, payroll taxes, and fringe benefits such as health insurance and pensions.
Why is it important to spend more on early diagnosis?
Spending more on early detection and better diagnosis of disease, for example, spares patients suffering and often leads to less complex and less expensive care later. Reducing diagnostic and treatment delays limits deterioration of health and also lowers costs by reducing the resources required for care.
What is the goal of health care delivery?
The proper goal for any health care delivery system is to improve the value delivered to patients. Value in health care is measured in terms of the patient outcomes achieved per dollar expended. It is not the number of different services provided or the volume of services delivered that matters but the value. More care and more expensive care is not necessarily better care.
Why is the actual capacity utilization of much health care equipment sometimes lower?
The actual capacity utilization of much health care equipment is sometimes lower because equipment capacity is supplied in large lumps. For instance, suppose a piece of equipment can do 10,000 blood tests a month. A hospital decides to buy the equipment knowing that it needs to process only 6,000 tests per month.
