Question

What are the major differences between Medicare, Medicaid, and CHIP? What is Medicare? Does the government fund it completely? How is the funding for Medicaid and CHIP different from the funding for Medicare? What are the four parts of Medicare and what do they cover, in general? Most Americans pay no premiums for Part A - why? What is meant by “prospective payment system,” and what part of Medicare does it affect?

Answer 1

Medicaid is a health care program for low economic individuals for getting medical access.
Medicare is a health care program for older people above 65 years, disabilities, and end-stage renal disease. it includes Part, A, B, C, and D.
CHIP is a children's health insurance program it provides sufficient care for low economic children of dependent families.
Medicare-funded by the federal government at the state level and funded by social security administration and trust fund investment. centers for medicare and Medicaid services are a federal agency that runs the Medicare, it is funded by taxpayers through payroll tax revenue from medicare tax and general federal tax revenue and premium paid by beneficiaries
Medicaid funded through taxpayers to pay medicare tax for their wages. Medicaid and medicare care government program health insurance plans.it is a federal health program.
CHIP funded through the federal government.
Medicare has 4 parts
Part A provides coverage for inpatient service
Part B provides coverage for outpatient service
Part C provides coverage for both medicare part A and B and also for prescription drugs, vision, dental and ENT coverage.
Part d covers prescription drugs.
If you or your spouse paid Medicare taxes for some time when you are working you will not pay a monthly premium for medicare A.
The prospective payment system is reimbursement for medicare payment in a fixed amount. it determines the rate for every diagnosis-related group. it covers all part A(inpatient service cost)