Question

3. Medicare is socialized medicine for Americans over a certain age. If it were extended to cover all Americans, those younger than the older eligible citizens, would it likely cost as much per person as it does now? More? Less? Explain.

Answer 1

On the part of the Government, when Medicare is extended to cover all Americans, those younger than the other eligible citizens as well, the cost of care increases per person because ideally, when senior citizens are covered in the act, such seniors would have kept paying towards to the contribution of Medicare all through their work life to reap the benefits once they attain ‘senior citizen’ status. However, if the young Americans are to be covered as well, then their contribution would be significantly lesser than the other senior citizens, as these young Americans may be still employed in their respective professions and are continuing to contribute each time. Their contribution phase would not have been over or same as that what the senior citizens would have paid so far towards the scheme. Hence, the cost per person, would be more for more contribution would be desired to get a Young American sufficiently covered under Medicare.