Medicare and its Economical Solutions

Purpose of the research: The purpose of this investigation was to analyze the historical development of Medicare and the progression to its current state with the intention of better understanding the problems that Medicare is facing today. With this, we hoped to draw current solutions from national and local perspectives. Our goal was to examine the basics of Medicare and identify national and community resources that assist Medicare enrollees and their families. Material/Methods: Our methodology consisted of examining reports produced from non-profit and governmental organizations like Kaiser Family Foundation, Centers for Medicare & Medicaid Services and Center for Disease Control and Prevention to elicit insight on cost, demographics, and trends. We also gathered information from the National Hospital Discharge Survey published by the Center for Disease Control. Summary: Medicare costs are increasing rapidly and the program is entering a period of growth faster than ever recorded before. As of 2010, Medicare accounts for $453 billion. To reduce future costs and help close loopholes, the Affordable Care Act (ACA) was introduced in 2010. ACA extended the Medicare budget by 12 years. In addition to these federal initiatives various local level organizations also help reduce the financial burden by preventing medical conditions in enrollees which lead to post acute care and hospice care which are two of the major burdens on the Medicare system. Conclusion: The rising costs of the Medicare system will be financially taxing in the future as enrollment increases over the next few decades. However, the ACA policies will lead to significant reductions in Medicare cost. Additionally, there are a variety of local community resources in Tarrant County that can help families and enrollees learn more about Medicare, mitigate their healthcare costs and participate in preventative care.