PB HLTH 150D Lecture Notes - Lecture 3: Inpatient Care, Co-Insurance, Managed Care
Document Summary
Social security act ammended (title xviii: coverage and insurance for those 65 eyars and older, disabled, 15% of the federal budget. Seniors over 65 years (those eligible for social security: disabled, end-stage renal disease (esrd) for dialysis, als/loy gehrig"s disease (2001) Demographics: older population is increasing and the life expectancy is increasing, poor, sick, and old. Few people are very sick and need a lot of attention. Medicare part a (funded mostly by paycheck and the beneficiary pays a little bit by a deductible) automatic. Funded by 2. 9% payroll tax: 1. 45% also from worker"s contribution, this money is deposited into medicare trust fund, workers pay in --> seniors take out, one portion of population supports another. Part b: don"t have to add, but if you want it, you have to pay for a premium, 1% penalty per month delayed unless previous coverage, this is to prevent adverse selection.
