Medicare is the most rapidly growing component of the federal budget. Federal funding for Medicare comes from payroll taxes and income taxes, paid by individuals who are employed. Most Medicare beneficiaries are retired and/or earning minimal income. Further, only ¼ of the lifetime expenditures for Medicare beneficiaries are covered by the taxes they have paid into the system while working.
In combination, this means the Medicare is the program that is most responsible for wealth transfer from working adults to another generation. Even if Medicare seems unimportant to you now from the standpoint of your health care needs, it is critically important from the financial standpoint.
During your lifetime, you will vote for candidates proposing changes in the Medicare program, ranging from changes in the funding mechanism to “Medicare for All”.
1.) Write a three page paper on either of the following topics,
a.) Summarize projections for Medicare spending
b.) Summarize proposals for “Medicare for All” programs https://www.kff.org/interactive/compare-medicare-for-all-public-plan-proposals/
Watch three videos first!
Video: Medicare part A and B explained.
(First 2:30 of video only
Video: Understanding Healthcare Costs: Medicare Advantage.
Video: Medicare Part D Prescription Drug Plan basics.
(First 1:45 only