The Cost Of Medicare And Reduce Its Proportion Of The...

Several suggestions have been proposed to cut the cost of Medicare and reduce its proportion of the federal budget. These include; a) The introduction of voucher system that would enable for the more privatization in the offering of insurance policies for Medicare. b) Increasing the Medicare revenues by raising the payroll taxes that are charged on the beneficiaries. Unhealthy lifestyle choices like smoking also need to be penalized by Medicare so as to reduce the many claims related to such habits. c) Cutting down the Medicare expenses through elimination of frauds, raising of eligibility age to 67, and seeking program discounts from medical companies like drug manufacturers. Fraud and waste of resources allocated for Medicare pose major risks to the program. Medicare is very vulnerable to a number of frauds majorly due to the fact that the program is hardly audited. Medicare scams occur in various ways that include phantom billing where healthcare providers demand money from Medicare for services not offered. The other form of fraud happens in the shape of patient billing where the patients collude with scammers to claim for kickbacks for false medical treatments. The last type of fraud is the upcoding scheme and unbundling, where bills are inflated by claiming that a patient needs more valuable services or procedures than the existing. The government has been sensitizing the general public on the need to avoid such frauds by not disclosing their Medicare card details toShow MoreRelatedCase Assignment: The US Economy1338 Words   |  5 Pagescould be used to stimulate the economy? Be sure to review Obamas 2011 Budget Proposal (NY Times). Are there any s pecific areas that you would change? The bulk of President Obamas budget is currently devoted to defense spending and entitlement spending (Carter Cox 2011). 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