The finances are in and the heat is on one of the largest federal programs in America. These numbers will have a major impact on a rapidly growing segment of the population and key voting bloc in the 2016 election.
The Medicare program is a critical component of the American healthcare system. Medicare is a federal program that 10,000 million seniors are eligible for each day. They recently announced the program has enough funds to remain solvent through 2028 according to Medicare Trustees. This is two years sooner than experts originally predicted. Increasing claims are eating into the Fund’s Reserves. This is a critical issue for this important program – covering more than 55 million members, with more joining every day.
The news will have an impact on American taxpayers and the seniors the program serves.
Rising drug prices and in particular specialty drugs are the main culprits as as Medicare Part D costs per enrollee are increasing more rapidly than the enrollee growth rate for other parts of Medicare like Part A which covers hospitalizations and Part B which covers physician and other outpatient services. This article from the Kaiser Foundation has a great breakdown of the numbers
This announcement comes just in advance of the Democratic Party Campaign where their nominee is in favor of expanding eligibility to individuals as low as 55 years old and is open to a public option which could look like a Medicare for all system.
The problem with these numbers is that utilization by current members is increasing rapidly! The program continues to add a large number of new eligible members each year. Without eventual structural change, the system will run out of funds when the youngest Millennials turn 65
The Affordable Care Act, the Medicaid and Chip Reauthorization Act and and federal officials in the Department of Health and Human Services over the last three years have worked in conjunction to fundamentally change the healthcare delivery system with the goal of curbing costs.
Related Reading: Making Sense of MACRA and the Delivery System Changes
What we are seeing thus far is the opposite and as healthcare costs continue to rise they will impact individuals on Medicare and as a result American taxpayers.
We are proud to announce our very special Benefits Marketplace Series. We have divided the Series into two parts: (1) Medicare and the Senior marketplace – beginning August 20th, and (2) The Employer / Employee benefits marketplace – beginning August 6. Each of these topic areas is covered in depth – to allow for a full airing of the concerns of our listening audience. Please check the schedule for what will be covered each week throughDecember 5th. Your healthcare concerns are OUR healthcare concerns! Join us each week here on on News Talk 1290 KOIL.
This public service to the listening audience provided by E.D. Bellis every week on News Talk 1290 KOIL and the Tune In Radio app. We are excited to announce announce an important “series” in advance to allow for questions.
The episodes and content covered for the Senior marketplace will include:
- How will the ACA affect the senior marketplace this year? (August 20)
- How can seniors offset their prescription drug costs? What are the current rules? (Sept. 17)
- What are the differences between Medicare Advantage Plans and Medicare Supplement plans?(Oct.22)
- How can seniors offset their out of pocket costs not reimbursed by health plans? (Nov.19)
- Do working seniors have a choice as to where to get their Medicare Part C & D coverage? (Dec.17)
Please email me directly at Sean@edbellisinc.com with questions or requests to be on the program.
About America’s Healthcare Challenge
AHC is the most listened to radio show on the Affordable Care Act (ObamaCare) and airs Saturday at Noon on 1290 KOIL – Omaha. Podcasts online here.
To prepare the public and decision makers with the most accurate information on healthcare as if they were a Member of Congress.
Previous guests include US Senator Charles Grassley, Senator John Barrasso, Dr. Ezekiel Emanuel, Jennifer Haberkorn from Politico, Sarah Kliff from the Washington Post, Dave Merritt from Leavitt and Associates, the CEO of the Nebraska Medical Center, Alan Simpson – co-chairman of President Obama’s National Commission on Fiscal Responsibility and others.
About E.D. Bellis
E.D. Bellis is an outsourced compliance and human resource management company featuring an exclusive network of consultants helping companies reduce liability, maintain compliance with federal laws and improve the health and productivity of their employees.
E.D. Bellis is an educated and professional network of healthcare, human service, insurance, financial and management consultants across the country sharing best practices to help organizations maintain compliance with federal and state laws, reduce healthcare costs and increase revenue.
By joining the E.D. Bellis network of brokers and consultants you will have access to the latest news, products, services and solutions to help differentiate yourself in your local market, stay relevant and solve problems for your customers.