Question

Write an MLA 500-word essay response to the following question:

What is Medicare Part A and B? Discuss the financing of Medicare Part A and B. What services does Part A and B cover?

what is medicare part a and b mean, ansewer each question in form of essay pls. aThank you!!

Answer 1

Medicare:

Medicare is a federal insurance scheme for people who are

• aged 65 years or more
• Some people who may younger with disabilities
• People with the last stage renal disease (Chronic kidney failure)

Medicare is make up of following parts such as

1. Medicare Part A
2. Medicare Part B
3. Medicare Part C and
4. Medicare Part D

How does Medicare function:

There are two options or ways in which it works. The ways are

1. Original Medicare and
2. Medicare advantage

Medicare coverage:

Medicare coverage is generally based on 3 main factors include

1. Federal and state laws.
2. National coverage decisions made by Medicare about whether something is covered.
3. Local coverage decisions made by companies in each state that process claims for Medicare. These companies decide whether something is medically necessary and should be covered in their area.

Medicare Part A:

It is part that covers hospital insurance. Part A generally covers several hospital utilities such as

• Inpatient hospital stays
• Skilled nursing care
• Hospice care
• Limited home health-care services

Medicare Part B:

It is a part which covers medical insurance. Medical insurance include the following list.

• Doctor office visits
• Preventive services, such as certain tests and screenings
• Flu shots
• Pneumococcal shots
• Mental health care
• Alcohol use counselling
• Chemotherapy
• Physical therapy
• Diabetes screenings, supplies, and self-management therapy
• Durable medical equipment, such as wheelchairs

The financing of Medicare Part A and Medicare Part B:

1. Medicare Part A Financing: Financing for the Hospital Insurance Program is primarily through a mandatory payroll deduction, the "FICA tax." Currently, the FICA tax is 1.45% of earnings paid by each employee and their employer, or 2.90% for the self-employed. The money is paid into a trust fund that is a special account in the U.S. Treasury. The trust fund also receives income from a portion of income taxes levied on Social Security benefits paid to high income beneficiaries, premiums from those who are not otherwise entitled Medicare benefits and choose to enroll voluntarily, and interest earnings. The taxes paid each year are used primarily to pay benefits for current beneficiaries. The hospital insurance funds can be used only to pay for the Medicare Part A, and Part B funds cannot be transferred for Part A use.
2. Medicare Part B Financing: Medicare Part B is financed through general federal revenues (72%), premiums (26%), and interest and other sources (2%). In 2020, the standard part B premium was $144.60 per month, but this amount increases for individuals with incomes >$87,000 per year. The premium is usually deducted from the Social Security benefit checks of those enrolled in Part B.