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Medicare

But in 1972 the law changed to an automatic COLAs increase based in changes on the annual consumer prices (ssa 4). .
             Social Security had faced many financial problems since its creation. To comprehend the problems of this system is important to know that Social Security is a "pay-as-you-go" program that works fine if there are enough workers to maintain the program going because Social Security is financed by the payroll taxes deducted from workers in order to paid remunerations to retirees. The most serious problem is the aging of about 76 million people called "baby boomers" born between 1946 and 1964 and the lowest level of birthrate ever. These "baby boomers" are about to become entitled for Social Security benefits putting in high financial risk the complexity of Social Security system because there will be less people paying taxes to support the retirees. In addition, people are living longer than the average life expectancy people had when Social Security was created, as a result today's retirees are receiving benefits for more years after they stop working. Due to all this financial problems the Congress passed a law in 1983 to augment the payroll tax rate and increase the eligibility age of receiving benefits. To the little relief of the Social Security the amendments passed in 1983 had created a surplus, collecting more payroll taxes than giving away benefits so the additional money is been saved in more Treasury Bonds generating $44 billion in interests to the trust fund (2Facts 2-4; LeRoy 122). .
             According to Roger LeRoy Miller the Social Security Trust Fund is not trustable because the money from payroll taxes collected in the beginning of the program were taken by the U.S. Treasury in the form of bonds so that the surplus will end up in benefits exceeding tax receipts by the time the baby boomers approach to retirement and the system will have to sell the bonds in order to paid the difference.


Essays Related to Medicare

1. Medicare

Despite the advantages Medicare had to offer in the early 1970s, others view Medicare a drawback to society right after it was established in 1965. ... The continual rising cost of Medicare will actually outweigh many benefits of Medicare. ... This problem will affect everyone who has a stake in Medicare because eventually people will have to pay more to support their Medicare system. ... Although there are benefits associated with Medicare, there are also some shortcomings to Medicare during the years after its enactment in 1965. ... The fate of Medicare is ultimately up to us. ...

  • Word Count: 1110
  • Approx Pages: 4
  • Grade Level: Undergraduate

2. Medicare

-MEDICARE- Many articles have been written about the medicare program in Canada. ... This brief essay is based on the costs of medicare , an introduction to the medicare program, and if our country Canada can afford the medicare program. Each province supports a medicare program. The medicare plans were started in 1961-1962. Canada has a highest common financed, privately delivered health care system that is best descibed as an interlocking set of ten provincial provinces and three territorial health insurnace pl...

  • Word Count: 487
  • Approx Pages: 2
  • Grade Level: Undergraduate

3. What is medicare

Current benefits for Medicare are divided into two different parts: Medicare Part A and Medicare Part B. ... An example of a Medicare Part A benefits are acute inpatient hospital bed days. ... Eligibility for Medicare Part A is determined through accumulation of paid Medicare taxes while the participant or participant's spouse was employed prior to turning age sixty-five. ... Medicare Part B is a voluntary enrollment and participants are eligible when they turn 65. An example of Medicare Part B coverage is a doctor's office visit with the Medicare participant responsible for 2...

  • Word Count: 538
  • Approx Pages: 2
  • Grade Level: Undergraduate

4. Social Security along with medicare

Social Security, Medicare Weaker The article "Social Security, Medicare Weaker was posted 3/17/03 in the CBS News.Com website. ... The Medicare's insolvency dates were moved up to 2026 from 2030 a year ago. ... The trustees" said the deterioration of Medicare's financial picture in the last year was due to projected lower tax receipts devoted to the program and higher expenditures for inpatient hospital care. Many republican leaders have said than adding a prescription drug benefit without broad reforms would doom the already financially strained Medicare program. ... T...

  • Word Count: 327
  • Approx Pages: 1
  • Grade Level: Undergraduate

5. Medicare and the Aging Population

Medicare, is granted to many seniors overtime is only given to those who meet specific criteria. ... The low surplus of doctors and affordable Medicare is putting the elderly lives on the line. ... Seniors may not take advantage of the opportunities the expansion of Medicare has to offer. In her article "The Pros and Cons of Expanding Medicare," Kate Pikert argues that the expansion of "Medicare could end up in the same, better or worse shape"(2). ... The expansion of Medicare could give the elderly the option of retiring earlier. ...

  • Word Count: 2174
  • Approx Pages: 9

6. Medicare

The price of Medicare and health care has changed so much over the years. ... This shows that there is a major problem with health care and Medicare costs in America. ... "Today the elderly spend more than 15 percent of their incomes on health care, even with aid of Medicare."...

  • Word Count: 896
  • Approx Pages: 4
  • Grade Level: High School

7. Understanding the U.S. Healthcare System

It will also clarify Parts A, B, C, and D of the Medicare health service. ... Medicare Part A, B, C and D Plans Medicare is a federal program that covers individuals aged 65 and older, as well as some disabled individuals. ... This can be quite confusing as over the years Medicare has changed as how it delivers its care. ... So once she has understood the different parts to Medicare, signing up should be her next priority. ... The Part B of Medicare is optional. ...

  • Word Count: 2609
  • Approx Pages: 10
  • Has Bibliography
  • Grade Level: High School

8. Study Says Blacks Get Poorer Care

Study shows that Africa American have poorer care than whites when it comes to mental illness and certain other ailments, a study of patients enrolled in Medicare managed-care plans suggests. The study involved 305,574 patients in more than 200 Medicare managed care plans in 1997. ... Both white patients and black patients have the same right for getting the Medicare, and also the government officer has the right to make his own decision to give benefit to those patients or not, by looking at their income est. ...

  • Word Count: 260
  • Approx Pages: 1
  • Grade Level: High School

9. US Health Care

Medicare was an attempt to ensure that adequate medical care would be available to the aged and some chronically ill persons and that the price of such services would not be so prohibitive that persons would have no basic care. Medicare is federally funded and is financed by a tax on wages. Every citizen who is currently working provides a portion of his or her salary to the budget of the Medicare program. Employers and employees contribute and equal percentage of wages to fund Medicare. Medicare provides more than 30% of total income to hospitals and 21% of all income to physicians (Maure...

  • Word Count: 406
  • Approx Pages: 2
  • Has Bibliography
  • Grade Level: Undergraduate

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