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Having just completed another Annual Enrollment Period, grinding through coverage options and their related costs, I thought it be appropriate to learn some interesting facts about the Medicare program.
Ever since President Lyndon Baines Johnson signed Medicare into law on July 30, 1965, hundreds of millions of Americans have relied on this program to help pay for their medical care.
Part A and Part B, called original Medicare, were included in the 1965 law. In 1997, Congress officially created Part C, now known as Medicare Advantage, the private insurance alternative to original Medicare. And in 2003, lawmakers added Medicare Part D, which covers prescriptions.
Today more than 67.4 million Americans are enrolled. Of those, more than 60 million are 65 and older, and 7 million are younger people with disabilities.
President and First Lady Truman were the first Medicare Beneficiaries.
The Centers for Medicare & Medicaid Services has 10 regional offices, which work to meet the health needs of approximately 125 million people with Medicaid and Medicare coverage.
Medicare was responsible for helping to desegregate hospitals after the Civil Rights Act went into effect. If hospitals wanted to receive federal funding, they had to comply with the Civil Rights Act and desegregate.
51 million people are currently enrolled in Medicare Part B, which helps pay for physician, hospital, outpatient, some home health, and preventive services.
Last year, over 16 million people chose to enroll in a private Medicare Advantage plan, like an HMO or PPO, as an alternative to original Medicare.
Currently, 41 million people with Medicare have prescription drug coverage, which helps cover the cost of prescription drugs, through their Medicare health plan or stand-alone prescription drug plan.
Some of the items and services Medicare doesn't cover include:
Eye exams (for prescription eyeglasses)
Long-term care
Cosmetic surgery
Massage therapy
Hearing aids including exams for fitting them.
As we approach the 60th anniversary of the Medicare and Medicaid Act, keep in mind that if you need assistance with your Medicare decisions, a licensed Medicare advisor can help you narrow down your options and pick the best plan for you. To do this, they'll learn about your health goals and budget and present you with options to meet your needs, and help you enroll in the plan you choose. Crystal Manning has over 35 years experience in helping clients. Contact her at 412-716-4942 or crystalmanning33@gmail.com and her daughter Dvonya Sedlacko-Stephens at 412-657-3889 or djsedlacko@gmail.com