After a long effort of the American government, the rules and conditions related to Medicare are now changed. These healthcare insurance plans are available for all citizens of America that are elders. The total amount spent on the healthcare services is about 17.6 percent of the GDP of the United States. This average amount is discovered by the Organization for Economic Cooperation and Development.
This is a well-designed system for better health care and also for saving the elderly people’s income wastage on health care services. But with the increasing number of policy buyers, the work of marinating these requests is becoming more complicated. This is the reason that the Medicare interests are becoming the fastest growing factor of the federal budget of the country.
This increase is even exceeding the many payroll tax values that are developed for providing funds for the health care insurance program. The experts are doing their best efforts for maintaining this change but this is found to be unsuccessful and that’s why it is making a great impact on the Federal Budgets. There are several methods are suggested for resolving this issue that are given as follows:
Solutions for managing the Federal Budget:
Using Private Voucher:
This solution is for applying the buyers to get a fixed subsidy on their purchases in the private market. They will also receive the insurance that is related to their purchases.
Medicare Revenue Improvement:
- This can be done by increasing the percentage of payroll taxes that are paid by employees.
- Developing penalties for your unhealthy choices of life such as the use of alcohol, non-regular treatment prescription usage, and the smoking.
- Making a strong link between the costs and the used funds for co-payment and co-insurance plans.
Lower Medicare Costs:
We can do this by increasing the age limit up to 67 years or more. Applying discounts on prescription drug directly from the pharmacy, cutting the cost that we pay to the physicians, medical supplier, and the hospital. Removing the fraud services and using the trained treatment facility instead of experimental treatments.
In this way, the overall Federal budget is under the impact of Medicare plans. The changing Medicare supplement plans are being responsible for increasing the taxes and budget limits of federal income. But the above mentioned solutions can be used for resolving this issue. We can apply these solutions for maintaining our Federal budget by improving the benefits of Medicare Supplement plans.