Question

a. When and how was Medicare started?

b. What is the difference between Medicare and Medicaid?

c. Name a veteran’s insurance program.

d. What is Medicare Part C?

e. What is CMS?

f. How does tax status of healthcare organizations of for profit and not for profit differ?

g. State the difference between retrospective and prospective payments.

h. Name a classifying cost method with an example.

i. What is the importance of materials and inventory management?

j. Define cost allocation.

Answer 1

a. When and how was Medicare started?

Medicare was made in 1965 when people over 65 found it almost impossible to get private health insurance coverage.

Medicare created when President Lyndon B. Johnson signed modification to the Social Security Act on July 30, 1965. This was part of Johnson's social reform movement known as the "Great Society,"which set goals to eliminate poverty and racial injustice.

Medicare has created access to health care, a universal right for Americans once they become 65. This has helped enhance the health and longevity of older Americans

b. What is the difference between Medicare and Medicaid?

Medicare is health insurance run by the U.S. government for people age 65 or older and for some people under the age of 65 with certain disabilities.

The Medicare program also funds residency training programs for the vast majority of physicians in the United States.

Medicare is run by the Centers for Medicare and Medicaid Services, a division of the U.S. Department of Health and Human Services.

Medicare give assistance for some 45 million people, according to the latest statistics.

Medicaid

Medicaid is health insurance which is intended to certain people and families who have limited income and resources. It provide benefit to an estimated 58 million people.

Medicaid is manged by the federal government, but each state establishes its own eligibility standards, and determines the scope of services. States also set the rate of payment for services, and administer their own Medicaid programs.

Like Medicare, Medicaid is overseen by the Centers for Medicare and Medicaid Services of the Department of HHS.

c. Name a veteran’s insurance program.

• VA Civilian Health and Medical Program (CHAMPVA)

d. What is Medicare Part C?          

Medicare Part C consist of Advantage plans which are Medicare-approved private health insurance plans for individuals enrolled in Original Medicare, Part A and Part B. When one joins a Medicare Advantage plan, he or she is still in the Medicare program and must continue paying your Part B premium.