8 Lessons Learned: Insurance

Advantages Of Medicare Medicare is a program that has been put into place by a state so that it can help to provide medical cover for its aged people and those who have different disabilities and might not be able to pay their own bills due to their vulnerable circumstances. A government puts in place many ways and strategies of ensuring that they raise the money required for providing the health cover for people with disabilities and the old in age but the basic ways is by payroll taxes and other revenue generated being cut and added to the plan. One of the forms of Medicare includes Hospital Insurance which basically covers patients that have been admitted in hospital, receiving health care at home in bed or at a special nursing facility as long as they are eligible for the program and already enrolled to it using the necessary channels provided. The main source of funding for the Hospital Insurance comes from the regular specified percentage deductions made on the citizens salaries which has been agreed on by the concerned parties. Another type of Medicare is the Medical Insurance policy which usually covers a very wide range of products and services including doctors services such as consultation, medical supply which is either totally free or is provided at a very lower price as compared to the original price of the drugs and also preventive services such as regular medical checkups as long as the health institution offering these services is eligible. There are many other services that can be covered in the Medical Insurance policy which also includes blood transfusion for patients who have lost a lot of blood, outpatient services, preventive services such as immunizations, getting dialysis in the case of patients suffering from diabetes as well as the extensive process of cancer treatment. The funds that are used to pay for the Medical Insurance by the government usually come from premiums that are paid by beneficiaries of the program as well as the general revenues collected by the taxman. The government may also contract a private company and give it the mandate to provide Medical Insurance and Hospital Insurance policies for the elderly as well as disabled patients, and this programme is referred to as the Medicare Advantage Plan. Services that are covered by the Medicare Advantage Plan include the Medicare Medical Savings Account which provides the patient with a place to save for their future medical needs when they become sick, the Private Fee-For-Services Plans where individuals can request for their own personal health services. There is also the Prescription Drug coverage which allows for patients to get access to the different medical products that have been prescribed by the doctor, and this cover is mainly funded by premiums paid, state payments as well as general revenues from tax.

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