Cut Medicare? OK, But How?
By Alicia MunnellEveryone wants to cut Medicare, it seems. Congressional Republicans have pledged to cut funding to the program, and the party’s presidential candidates may reaffirm that commitment during tonight’s debate. President Obama indicated his willingness to do the same in his address to Congress earlier this month. Certainly Medicare is a major contributor to the deficit, and reducing Medicare costs would help the long-run fiscal outlook. The question is how to cut the program. The smart cuts can’t be done by politicians, but rather involve eliminating unnecessary medical spending. All the usual suspects have the potential to do more harm than good.
Such an increase would bring Medicare eligibility in line with the Social Security full retirement age. It could also encourage people to delay retirement so they do not spend periods without health insurance. But basically, this is a cost-shifting proposal: Medicare costs would go down, but individuals and employers that offer retiree health insurance (a dwindling number, at that) would have to pay more. States’ spending on Medicaid would also rise.
Raise Part B premiums to 35% of program costs. For a monthly premium, Medicare Part B provides coverage for physician services and other outpatient services. The current standard Part B premium is $115.40, which covers 25% of the program’s costs. Raising the premium by $46.16 per month to $161.56 would cover 35% of program costs. This is another form of cost shifting: Participants would pay more; so would states that pay premiums for people eligible for coverage through both Medicare and Medicaid.
Means-test premiums. Medicare Part A (primarily hospital and post-acute care) has a deductible of $1,132 for “each spell of illness” and enrollees are subject to substantial daily copayments for extended hospital and skilled nursing stays. Medicare Part B has an annual deductible of $162 and a co-payment of 20% for most services, a higher percent for others. Because the cost-sharing requirements are substantial, most participants sign up for supplemental coverage through their employers, a Medigap policy, or Medicaid. Nevertheless, the risk with raising co-pays and deductibles is that people forego primary care visits and end up being hospitalized with more expensive problems.
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Medigap policies were created to keep federal Medicare costs lower and allow more affluent people to get care others can't afford. It gave the health insurance industry a meat bone. And many studies have shown that those who have it -- mostly the white
The military's generous health benefits are also on the table as lawmakers seek to slash the deficit, reports The New York Times. State insurance commissioners are trying to head off any proposals by the deficit supercommittee to raise co-sharing for
It could also encourage people to delay retirement so they do not spend periods without health insurance. But basically, this is a cost-shifting proposal: Medicare costs would go down, but individuals and employers that offer retiree health insurance
Many beneficiaries choose these private Medigap policies because they want the financial security they get from the extra insurance. But the White House said this protection “gives individuals less incentive to consider the costs of health care and
In health care, there are serious changes that affect both what we pay to providers and in terms of the structure of benefits and the incentives for savings in the long term. While we did not raise the retirement age, I would just note that raising the
Modification of Medigap Plans Might Increase Out-Of-Pocket Costs ...
Medigap is a popular supplemental insurance among Medicare beneficiaries that allows them to plan their health care costs. Recently, there has been a heated debate in the congress about implementing some changes to Medicare and Medicare Supplement Plans. If approved, Medicare beneficiaries might have to pay more out-of-pocket for health care.
Medicare is the government health insurance program for those 65 or older as well as younger disabled people. Medicare has never covered all of their health care needs, though. Medicare beneficiaries have out-of-pocket costs for both doctor and hospital treatments. To reduce these out-of-pocket costs, many Medicare beneficiaries add a Medigap Plan. Medigap or Medicare Supplement Insurance doesn’t replace Medicare. It picks up some of the medical bills that Medicare doesn’t cover.
Some experts on health care policy say that such coverage generates an increased demand for health care by reducing the amount Medicare beneficiaries have to cover for treatment. That increase in the demand for Medicare services can also be abused when providers bill for additional and unnecessary medical care. It’s normal for beneficiaries to want as much health care as they can afford with the expanded coverage of Medigap Plans, but the government hasn’t funded Medicare to keep up with the demand.
One response has been to propose that Medicare Supplement Insurance plans be blocked from filling all of the gaps in Medicare. To drive up out-of-pocket costs for beneficiaries, adding $530 per year to existing out-of-pocket costs is also under consideration. But, are beneficiaries the only ones on a spending spree?
Hospitals have been known to bill for services after a Medicare beneficiary’s death. Fraudulent billing for services can also take a high toll on government coffers. Is it reasonable to expect Medicare beneficiaries to blow the whistle when doctors recommend tests that increase the burden of governmental funding?
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Health Insurance - Top Ten Questions: Medicare Supplement ...
For additional information, please also visit our Health Insurance Resource Center. ... New York State law and regulation require that any insurer writing Medigap insurance must ...
Choosing a Medigap Policy:
A Medigap policy is a type of private insurance that. helps you pay for some of the costs ... A Medigap policy is health insurance sold by private insurance ...
Florida and New York seniors pay far more for Medigap ...
Florida and New York seniors often are charged much more for their Medicare supplemental insurance, according to a recent study by Weiss Ratings Inc.
New York Health Access / Medigap
Medigap (aka Medicare supplemental insurance) policies are sold by private health ... There are different types and costs of Medigap policies in New York State. ...
Medigap Policies – Understanding Medigap Policies
... nursing facility, and outpatient medical expenses, you still will have out-of-pocket costs. So, you may want to consider a Medigap plan to help pay ...