PSYC 5571 Lecture Notes - Lecture 12: Congressional Budget Office, Hearing Aid, Long-Term Care
Document Summary
Before medicare over half of elderly americans had no healthcare: now almost everyone over 65 has medicare. Significant gaps in medicare- some of these are covered by supplemental insurance programs. Medicare doesn"t cover long term care (nursing homes) Obamacare had some good impacts on healthcare financing / medicare financing: 165 provisions in obamacare affected medicare. Main increase in medicare funding that came under obamacare- 0. 9% extra. Medicare tax for people over a certain income level: next saving of half a trillion dollars. Medicare spending continues to go up: before health reform, average annual growth rate 6. 8, after reform, going up by 5. 5% 12-13% of the entire us economy is medicare. Subsidies make medicare part b and d very attractive. Medicare is financed by general revenue transfers, state transfers, premiums, and payroll taxes mostly. In order to get medicaid, you have to be poor + something else: 5 categories of poor. If you are eligible, you are guaranteed support.
