In 2010, Medicare insurance spending totaled around $560 billion. But, by 2022, that number is expected to nearly double and jump to more than a trillion dollars every year. While Medicare coverage is an absolute must for many people who might be in tough financial times and need some assistance to make sure that all of their health care needs are paid for, it has almost become a compulsory program. Essentially, this is because of the fact that people who refuse to join Medicare Pare A are not able to receive any Social Security benefits that they have earned. As a result, the expansion of Medicare programs is not expected to slow down any time soon.
Even though the cost of Medicare coverage is expected to continue to grow, that does not mean that steps have not been taken to lower its cost. The Patient Protection and Affordable Care Act, which was introduced in 2010, made a number of changes to Medicare. Some of those changes were done in the hopes of lowering its overall cost. Though the changes might have had some impact, the cost of Medicare advantage programs and others like it has certainly not gone down to any significant degree, and the way Medicare is provided remains an expensive and controversial topic.
Some of the controversy surrounding Medicare coverage stems from the fact that, quite simply, there are lots of different options and their differences can be a bit confusing. Medicare offers a choice of open-network single payer plans, which are more traditional, and a network plan where the federal government pays for private health care coverage to cover Part A and B benefits. The differences between the two options can be technical and hard to spot to someone unfamiliar with them, and could lead to more frustration.
Despite its sometimes controversial nature, Medicare provides a valuable service for people in need. For instance, outpatient medical services can be quite costly, but they are covered under Part B. Lots of treatments and procedures do not require patients to be admitted into the hospital, so they tend to be a bit less stressful and easier to handle. But without Medicare, many would struggle to afford them.
In reality, Medicare plays a valuable role in the United States today. Though some might gripe about the fact that it is so costly, it helps make sure that every American has the opportunity to maintain a high quality of life. Great references here.
One response to “Medicare Might be Costly, but it Helps Many Americans Stay Healthy”
I really wish there was a way to avoid paying A TRILLION dollars for Medicare.