Medicare is a federal health insurance for people over 65 years. It also covers people under 65 with certain disabilities and Kidney failure, and it covers 55 million older people and young people with disabilities. Medicare accounts for 14 percent of federal spending which amounts to 505$ Billion in 2014 while the Social Security accounts for 24 percent of federal spending (The facts on Medicare spending and financing, Kaiser family foundation, 2015). The Social security is pension provided to retired employees over the age of 62 and a person over 65 is eligible to receive both Social security and Medicare if they are their spouse have paid payroll taxes for 10 years( An overview of Medicare, Kaiser family foundation, 2016). Medicare funding
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In addition, with the increase in age limit, there are possible outcomes that could lead to an increase in federal expenditure hence the question, would increase the age limit for Medicare to 68 benefit economically?
Background
People with Medicare live with modest incomes and have cognitive impairments, chronic conditions, and limitations in daily activities. According to a report by Kaiser family foundation, “In 2011, two-thirds of beneficiaries (66percent) had three or more chronic conditions, more than one-quarter of all beneficiaries (27percent) reported being in fair or poor health, and just over 3 in 10 (31percent) had a cognitive or mental impairment. Nearly one in six beneficiaries (17percent) were under age 65 and living with permanent disabilities and 13 percent aged 85 and above. Two …show more content…
The number of people still working and earning the better the country’s economy would become. Increasing the Medicare eligibility would only make millions of Americans including young Americans who are not yet on Medicare pay high amounts of premiums. At the time when the aim of healthcare is to provide quality healthcare with access to everyone with no health disparity, the increase in eligibility would cause a huge disparity between low-income Americans, disabled working population, and colored communities. Instead, a decrease in the Medicare age might help, since in brings in new enrollees causing an influx of income related caused by premium
In addition, with the increase in age limit, there are possible outcomes that could lead to an increase in federal expenditure hence the question, would increase the age limit for Medicare to 68 benefit economically?
Background
People with Medicare live with modest incomes and have cognitive impairments, chronic conditions, and limitations in daily activities. According to a report by Kaiser family foundation, “In 2011, two-thirds of beneficiaries (66percent) had three or more chronic conditions, more than one-quarter of all beneficiaries (27percent) reported being in fair or poor health, and just over 3 in 10 (31percent) had a cognitive or mental impairment. Nearly one in six beneficiaries (17percent) were under age 65 and living with permanent disabilities and 13 percent aged 85 and above. Two …show more content…
The number of people still working and earning the better the country’s economy would become. Increasing the Medicare eligibility would only make millions of Americans including young Americans who are not yet on Medicare pay high amounts of premiums. At the time when the aim of healthcare is to provide quality healthcare with access to everyone with no health disparity, the increase in eligibility would cause a huge disparity between low-income Americans, disabled working population, and colored communities. Instead, a decrease in the Medicare age might help, since in brings in new enrollees causing an influx of income related caused by premium