Medicare

Posted in Finance, Accounting and Economics Terms, Total Reads: 409
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Definition: Medicare

The U. S. federal program which subsidizes people who fulfil one of the following condition:

1. An individual aged 65 or above and has been a U.S. citizen or permanent legal resident for 5 years.

2. An individual who is physically or mentally disabled and has been collecting Social Security for a period of two years.

3. An individual who needs a kidney transplant or is undergoing dialysis for kidney failure

4. An individual who is suffering from Amyotrophic Lateral Sclerosis (Lou Gehrig's disease).


Medicare is mainly divided into 2 parts. The first part of the coverage encompass in-patient hospitals, skilled nursing facilities, home health and hospice care. The second part of coverage encompass almost all kinds of necessary medical services (laboratory and x-ray services, doctors' services, wheelchair, etc).

 

Thus we can conclude that Medicare is less comprehensive than some of the other health care programs, however it is an important source of post-retirement health care.


Advantage

Medicare help the people at a time when they may have major health issues however they lack the funds for treatment.

 

Hence, this concludes the definition of Medicare along with its overview.

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