This weekend (July 30) marked 52 years since Medicare was signed into law by President Lyndon B. Johnson as a part of the Social Security Act Amendments. To celebrate the occasion, we are taking a look at the ABC (and Ds) of Medicare:
- Part A helps patients cover hospital, hospice and home health care and allows patients to access the most skilled nursing facilities.
- Part B provides a wide range of health care services and coverage for physician office visits, outpatient care and medical equipment, as well as medicines that are administered by a physician. Many of the medicines covered by Part B are for serious and complex conditions, such as cancer, rheumatoid arthritis, mental illness and autoimmune conditions.
- And did you know that Part B medicines are not a key driver of Part B spending? Spending on Part B medicines represent a small and stable share of overall Medicare spending. These medicines accounted for just 3 percent of total Medicare spending in 2014 and continued to be just 3 percent of total Medicare spending in 2015.
- Part C, also known as Medicare Advantage, is a managed care option in Medicare. Medicare Advantage plans are Medicare-approved private health insurance plans for individuals enrolled in Part A and Part B.
- Part D, the newest part of Medicare, was created in 2003 and implemented in 2006. It helps provide affordable prescription drug coverage to seniors and people living with disabilities. In its first 11 years, Part D has:
Has Medicare’s birthday got you interested in more history about the program? Read on here and be sure to tune into Medicare Monday each week for updates and new resources on all things Medicare.