Definition of Medicare
Medicare is another of the entitlement programs funded by tax revenues and allocated by the government. Although, whereas the Social Security program provides general financial support, Medicare provides financial support specifically for medical expenses rather than general living expenses.
Medicare insurance consists of money accumulated through taxation and provided by the government to Medicare recipients who are enrolled in the program because they are considered to have higher than average medical expenses. Those eligible for Medicare include people with lifelong physical disability and people over 65, for example.
Medicare can get quite specific - consisting of four sub entitlement programs - A, B, C, and D, which provide hospital insurance, medical insurance, and prescription drug money. In the interest of simplicity and for our purposes, we will be referring to Medicare as simply Medicare rather than highlighting its more specific components.
Medicare is medial insurance or 'medical care' for the elderly and physically disabled.
In essence, Medicare is a transfer of wealth from the able to the disabled in order to ensure equal opportunity for medical and financial security.
Definition of Medicaid
Although it may be easy to confuse Medicaid with Medicare, these two entitlement programs are similar in kind though vastly different in character.
Whereas Medicare is health insurance specifically for the elderly and physically disabled, Medicaid is akin to the Food Stamp entitlement program in that recipients of Medicaid money must be low-income earners.
I understand that it may not be easy to distinguish between Medicare and Medicaid. What I do to remember which is which is look at the name. Medi-care brings thoughts of physical or health care, such as for the elderly or physically disabled. Medic-aid brings thoughts of financial aid for low-income earners or people with expenses demanding more than their capacity to pay.
In essence, Medicaid is a transfer of wealth from the financial able to the financial disabled in order to ensure equal opportunity for medical and financial security.
To put it simply, Medicare and Medicaid are programs for healthcare money for the elderly, physically disabled, and low-income earners.
Most importantly, Medicare and Medicaid are two of the largest unfunded liabilities - especially the Medicare entitlement program.
Why Shouldn't I Rely on Medicare and Medicaid?
As mentioned earlier, Medicare and Medicaid are two of the largest unfunded liabilities. This means that they the money that millions upon millions of retiring baby boomers and Americans devastated by the debt crisis has not been put aside.
That is why you shouldn't rely on Medicare and Medicaid.
Yes these financial support programs are entitlement programs and although you are entitled this money on paper - that paper is covered in zeros of debt and drenched in red ink. Also, as healthcare costs continue to grow every single year, expect the amount of diminishing amount of money you receive to cover less and less of your medical needs.
Perhaps now is the time to secure your replacement or supplement to Medicare and Medicaid?
Can your body really afford you to not be secured?
Jelani Asar invites you to prepare yourself with shocking interviews for the economic nightmare of the Unfunded Liabilities Monster at http://usUnfundedLiabilities.wordpress.com. Call for a free income protection quote in Atlanta, Georgia today.
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