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Medicare is a governmental system which offers
medical insurance coverage for retired persons over
age 65 or for other individuals who meet certain medical
conditions, such as getting a disability.
Medicare was signed into legislation in 1965 as an
amendment to the Social Security plan and is
administered by the Center for Medicare and Medicaid
Services (CMS) below the Department of Human Services.
Medicare offers medical insurance coverage coverage for more than
43 million Americans, many of whom would have no
medical insurance coverage. Even though not excellent, the Medicare
plan offers these millions of folks relatively low
cost standard insurance coverage, but not a lot in the way of
preventative care. For instance, Medicare does not spend
for an annual physical, vision care or dental care.
Medicare is paid for by means of payroll tax deductions
(FICA) equal to 2.9% of wages the employee pays half
and the employer pays half.
There are 4 components to Medicare: Component A is hospital
coverage, Element B is medical insurance coverage, Element C is
supplemental coverage and Element D is prescription
insurance coverage. Components C and D are at an added cost and are
not needed. Neither Part A nor B pays 100% of
medical fees there is typically a premium, co-pay and
a deductible. Some low-income men and women top quality for
Medicaid, which assists in paying portion of or all of
the out-of-pocket expenses.
Due to the fact more men and women are retiring and become eligible
for Medicare at a quicker rate than folks are paying
into the program, it has been predicted that the program
will run out of funds by 2018. Wellness care fees have
risen dramatically, which adds to the monetary woes
of Medicare and the system has bee plagued by fraud
over the years.
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