TAILIEUCHUNG - Lecture Issues in economics today - Chapter 22: Medicare

Chapter 22 - Medicare. After studying this chapter you will be able to: Describe Medicare as a public insurance program for the elderly, distinguish Medicaid from Medicare and understand their relationship, describe the Child Health Insurance Program as one that serves the children of the working poor. | Chapter 22 Medicare Chapter Outline PUBLIC INSURANCE AND THE ELDERLY MEDICARE’S NUTS AND BOLTS COST CONTROL PROVISIONS MEDICARE TRUST FUND Background Medicare covers health care for those over 65 was established in 1964 was fully in force in 1967 part of President Johnson’s Great Society Programs paired with Medicaid (which covers health care for the poor) is a federally-administered program Public Insurance and the Elderly: Why It Is Needed A private insurance market for the elderly is likely to fail because of Adverse Selection the problem in insurance in which those who need it the most will be the only ones willing to pay for it driving the price up and driving out those who need it somewhat less Lack of a group Most private health insurance is obtained through employers and a group is formed to overcome the problem of adverse selection. Because most Medicare recipients are retired, there is no group. Those over 65 have a poverty rate that is typically 2-3 percentage points lower

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• Issues in economics today
• Lecture Issues in economics today
• Macroeconomic issues
• International issues
• Price control issues
• Public insurance
• Economics of crime
• Economics of children
• Opportunity cost
• Prescription drugs
• Demand model
• Elasticity of demand
• Firm production
• Perfect competition
• Gross domestic product
• Federal spending
• Fiscal policy
• Monetary policy
• Flaws in the CPI
• International trade
• International monetary fund
• Trade agreements
• Economic model
• Environmental problems
• Economic models of health care
• Medicaid costs
• Human capital
• Measuring poverty
• Social security
• Head start