Article Review
The purpose of this paper was to find an article related to a government healthcare benefits and complete a review of the article. The article chosen was published by a popular professional source, read widely throughout the country and trusted in the business environment. It is titled “Are Medicare and Medicaid Sustainable?” A brief description of the article follows, explaining the laws and concepts covered by this particular benefit; and finally, recommendations to the business community or employer will be detailed towards the end of this paper.
Medicare and Medicaid are public insurance programs established by the amended Social Security Act in 1965. Although similar in name, there are important differences between …show more content…
As of 2015, there were 55 million Americans in the 65 or older population, as compared to 17.5 million in 1963. The increase can be mostly attributed to two factors. One, advances in health care have significantly improved longevity of citizens—people are living longer. Two, the generation referred to as the Baby Boomers now reside in the ’65 and older’ age group. But as science, technology and medicine continue to improve, the number of people over 65 is projected to grow to 80 million by 2030. As the number of recipients grow, so do the costs. For example, Medicare costs were $4.6 billion in 1967; the cost in 2014 skyrocketed to $600 …show more content…
In 2014, Medicaid covered 70 million low-income Americans as compared to 1 million in 1966. Costs have increased from $1 billion at the inception of the program to $453 billion in 2013.
Medicaid is a big player in the Affordable Care Act (ACA), perhaps more popularly known as Obamacare. Obamacare has expanded the eligibility rules and aims to reduce the number of uninsured persons in the country. Under the new law, states can cover adults who make less than 133% of the federal poverty level of $29,700 for a family of 4 (Eligibility, 2016). This move will greatly expand the number of people having health insurance. The rationale is that with a larger pool of participants, health care expenses and tax burdens can be spread over and shared more easily.
Possible reasons for future failure stems from a variety of issues. First, the number of people eligible for Medicare is estimated to grow to 80 million by the year 2030. Combine this growing number with the ACA’s newly expanded eligibility pool of Medicaid recipients. It quickly becomes apparent that the sustainability and viability of the social welfare programs becomes worrisome. Also, outside of internal funding problems, new medical advancements and treatments will also influence the rising cost of healthcare adding additional stress to an already stressed-out
The purpose of this paper was to find an article related to a government healthcare benefits and complete a review of the article. The article chosen was published by a popular professional source, read widely throughout the country and trusted in the business environment. It is titled “Are Medicare and Medicaid Sustainable?” A brief description of the article follows, explaining the laws and concepts covered by this particular benefit; and finally, recommendations to the business community or employer will be detailed towards the end of this paper.
Medicare and Medicaid are public insurance programs established by the amended Social Security Act in 1965. Although similar in name, there are important differences between …show more content…
As of 2015, there were 55 million Americans in the 65 or older population, as compared to 17.5 million in 1963. The increase can be mostly attributed to two factors. One, advances in health care have significantly improved longevity of citizens—people are living longer. Two, the generation referred to as the Baby Boomers now reside in the ’65 and older’ age group. But as science, technology and medicine continue to improve, the number of people over 65 is projected to grow to 80 million by 2030. As the number of recipients grow, so do the costs. For example, Medicare costs were $4.6 billion in 1967; the cost in 2014 skyrocketed to $600 …show more content…
In 2014, Medicaid covered 70 million low-income Americans as compared to 1 million in 1966. Costs have increased from $1 billion at the inception of the program to $453 billion in 2013.
Medicaid is a big player in the Affordable Care Act (ACA), perhaps more popularly known as Obamacare. Obamacare has expanded the eligibility rules and aims to reduce the number of uninsured persons in the country. Under the new law, states can cover adults who make less than 133% of the federal poverty level of $29,700 for a family of 4 (Eligibility, 2016). This move will greatly expand the number of people having health insurance. The rationale is that with a larger pool of participants, health care expenses and tax burdens can be spread over and shared more easily.
Possible reasons for future failure stems from a variety of issues. First, the number of people eligible for Medicare is estimated to grow to 80 million by the year 2030. Combine this growing number with the ACA’s newly expanded eligibility pool of Medicaid recipients. It quickly becomes apparent that the sustainability and viability of the social welfare programs becomes worrisome. Also, outside of internal funding problems, new medical advancements and treatments will also influence the rising cost of healthcare adding additional stress to an already stressed-out