History & Creation of Medicare

Medicare

~ A US Government health insurance program

~ Comprised of four parts (A, B, C, D)

 

Before Medicare
  • Seniors had limited options and faced many challenges
  • Only 60% of Americans had insurance
  • High costs and lack of availablity led to reliance on home remedies and volunteer clinics

1965 Medicare's Creation
  • President Lyndon B. Johnson signed the Medicare Act
  • covering American's over 65 years of age

1972 Expansion
  • Congress introduced Medicare Part C - Medicare Advantage
  • Combination of Parts A and B
    • Part A Hospital Insurance
    • Part B Medical Insurance
  • Offered an alternative with more coverage and lower premiums

2003 Part D
  • Medicare Part D was added
    • Also known as the Prescripton Drug Benefit
  • Made drug coverage available through Part C
  • More expansions to benefits for
    • Wellness
    • Prevention
    • Hopsice Care

2010 ACA and Obamacare
  • The Affordable Care Act (ACA)
    • Protect patients from insurance companies refusing coverage based on
      • Gender or pre-existing conditions
      • Removes lifetime or annual limits
      • Allows young adults to stay on insurance plans until the age of 26
      • Provides financial assistance to low and middle class families
    • Includes
      • tax provisions
      • Employer requirments for coverage and compensation
    • Further attempts to restructing the Medicare Advantage Plan to improve the affordability and accessiblity of healthcare, enhacing over all quality of care
      • Free preventive services
      • Attempts to eliminate coverage gaps
        • Lower premiums
        • Reduce payments
        • provide incentives for better care

2022 Inflation Reduction Act (IRA)
  • Reversed the provisions to Part D
  • Medicare is now required to negotiate prices with drug companies
  • IRA controls drug costs by penalizing companies who increase prices faster than inflation

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