ABSTRACT
This chapter discusses the basic provisions of the Medicare program, current financial problems and issues, and the impact of the new health-care reform law on the Medicare program. It identifies the groups who are covered under Hospital Insurance of the Medicare program. Hospital Insurance provides inpatient hospital care and related post-hospital care for most people age 65 and older. The chapter describes the benefits under the Original Medicare Plan and explains how Medicare Advantage Plans differ from the Original Medicare Plan. Medicare Advantage Plans are private health plans that are part of the Medicare program. It lists the various options available to beneficiaries under Medicare Advantage Plans. The chapter discusses the prescription drug coverage under Medicare, how the Medicare program is financed, and the financing problems that Medicare is currently experiencing. It illustrates the major changes to the Medicare program under the Affordable Care Act.
