Notes 03-14 - Lecture 13: Medicaid I. Medicare a. Basic...

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Lecture 13: Medicaid I. Medicare a. Basic Facts i. Enacted in 1965 ii. For people over 65 (85% of those covered by Medicare) and the disabled (15%; about 7 mil people) 1. Covers 44 million people 2. Eligibility: need to have worked for 10 years or be married to someone who had iii. $432 billion in 2007 1. 16% of federal expenditures b. How is it structured? What’s covered? i. Part A: Hospital fees (hospitals nursing homes, home care) 1. Has deductibles, co-payments 2. Covered by payroll taxes: 1.45% for employees and employers ii. Part B: Physicians Services 1. Have to sign up for this, premium of $100 2. Premiums cover 25% of costs 3. General revenue covers 75% iii. “C” (M+C); Medicare Advantage (HMO; default Medicare is FFS) 1. Not a lower premium but provides you with more 2. Lower copay and deductible from part A 3. Before Medicare covered Rx drugs HMOs were the only way to get drug coverage iv. Part D: Prescription drugs 1. Many different drug plans, about 50 per state, have to
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Notes 03-14 - Lecture 13: Medicaid I. Medicare a. Basic...

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