Some Myths about Medicare

Medicare Plan covers nearly one in six Americans and includes about 15 percent of the federal budget, but it is often misunderstood and has led to various myths. Some of them are as follow.

Medicare is ineffective and is not able to control costs -

1.The trustees of Medicare Plan last year estimated that the program’s share of gross domestic product would increase from the current 3.7 percent to about 5 percent in 2030 and nearly 6 percent by 2050. But since Medicare’s foundation in 1965, its expenses, on a per-person basis, have stayed steady with or lesser than the increase in private health insurance premiums.

2. The wealthy don’t pay sufficient for their Medicare benefits – Many presume that Medicare has consistent necessities for contributing to the program, placing an unjust burden on most participants and not asking enough of upper-income seniors. This is no longer true as wealthier people pay more than others.

3. Medicare benefits are very liberal – The existing Medicare benefits package is similar to what was offered when the program started nearly five decades ago. Benefits are less liberal than in most private insurance plans, as established by the fact that the majority of Medicare beneficiaries have supplemental insurance.

4. Limiting Medicare is the only way to save it -Recent legislation has cut sizing Medicare costs by limiting increases in payments to providers and plans. According to the Medicare Payment Advisory Commission, these have hardly ever been found to influence quality or access to care.

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