MANAGEMENT

Detailed explanation-1: -Medicare is federal health insurance for people 65 or older, and some people under 65 with certain disabilities or conditions. A federal agency called the Centers for Medicare & Medicaid Services runs Medicare. Because it’s a federal program, Medicare has set standards for costs and coverage.

Detailed explanation-2: -Medicare is a Federal health insurance option for people aged 65 or older, citizens under 65 with specific disabilities, and people of any age with end-stage Renal diseases (ESRD).

Detailed explanation-3: -Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%) (Figure 8). Other sources include taxes on Social Security benefits, payments from states, and interest.

Detailed explanation-4: -People who have both Medicare and full Medicaid coverage are “dually eligible.” Medicare pays first when you’re a dual eligible and you get Medicare-covered services. Medicaid pays last, after Medicare and any other health insurance you have.