Explore the lesser-known aspects of Medicare in our informative article. Uncover surprising details about coverage, enrollment, and benefits within this government health insurance program. Whether one is nearing eligibility or wants to expand their understanding, this article will provide valuable insights on Medicare.
Medicare Advantage Enrollment Lower than Original Medicare
Original Medicare enrolls more individuals than Medicare Advantage and other health plans. On average, 35 million people per month are enrolled in Original Medicare, while Medicare Advantage and other health plans have a combined enrollment of 29.5 million.
Medicare Eligibility for People Under 65
Although primarily designed for individuals aged 65 and older, Medicare can be accessible to those with disabilities, end-stage renal disease, or ALS.
Two Trust Fund Accounts Fund Medicare
Medicare’s funding stems from two trust fund accounts administered by the U.S. Treasury Department: the Hospital Insurance Trust Fund and the Supplementary Medical Insurance Trust Fund. These funds are reserved exclusively for Medicare. The Hospital Insurance Trust Fund covers Part A benefits and program administration costs, while the Supplementary Medical Insurance Trust Fund supports Part B, Part D, and associated administrative expenses.
Multiple Sources Fund the Trust Funds
Payroll taxes, income taxes on Social Security benefits, interest from investments, and Medicare Part A premiums fund the Hospital Insurance Trust Fund. Congress-authorized funds, Medicare Part B and Part D premiums, and contributions from other sources, including interest on trust fund investments support the Supplementary Medical Insurance Trust Fund.
1,200+ U.S. Hospitals Participate in Medicare
However, the 1,200 hospitals are only a small portion of the institutional providers in the program. These providers comprise over 11,000 home health agencies, nearly 15,000 skilled nursing facilities, and more than 311,000 medical laboratories.
1.4+ Million Non-Institutional Medicare Providers
There are over 1.4 million non-institutional Medicare providers. These include physicians, psychiatrists, radiologists, emergency medicine specialists, and other healthcare practitioners.
Recent Expansion of Medicare Benefits
Medicare now covers more services, such as free annual wellness visits and personalized healthcare plans. It also includes preventive services like mammograms, flu shots, cancer screenings, and cardiovascular screenings. Medicare has also expanded telehealth services in response to the pandemic.
