The Crisis in Medicare

Paper Summary:

This paper examines how the national government insurance program that covers nearly 41 million seniors and disabled citizens, Medicare, has raised many substantial concerns concerning its' state of financial crisis. It also looks at how the future obligations of Americans as taxpayers is likely to increase with the reduction of available Medicare funds. The paper contends that America needs a national single-payer system that would eliminate unnecessary administrative costs, duplication and profits.

From the Paper:

"The Medicare Prescription Drug Improvement and Modernization Act of 2003 created a new and complex universal prescription drug entitlement. According to the latest Medicare trustees report, the Medicare hospital insurance program will be exhausted in 2019, seven years earlier than the past year's estimate. The new drug entitlement will add $8.1 trillion to the program's long-term unfunded liabilities over the next 75 years. As a result, Medicare's massive costs will result in huge tax increases. It is estimated that the Medicare program will consume 24% of all federal income taxes by 2019 and an additional 51% of all federal income taxes by 2042."

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• Research Paper # 98914 : "Medicare Part D"

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