Since 1965, Medicaid has insured millions. Currently, about 58 million Americans are on Medicaid. Medicaid pays for 3% of all baby deliveries. In 2008, Medicaid’s total expenditures were $204 billion, or 10% of all healthcare costs in the US.
Medicaid is the national health insurance program for seniors and the disabled, and comprises 51 different state programs (including Washington DC) operating under a set of federal rules, financed by both federal and state governments.
What is covered under Medicaid?
Mandatory benefits include doctors visits, hospitals, abortions, health centers, long term and nursing home care. They cover dental coverage for *children* under age 21. Medicaid covers people with low-income, the disabled, and elderly. Obamacare greatly increases those covered under Medicaid starting 2014.
What's wrong with Medicaid?
Many more qualify for Medicaid because of unemployment and long-term recession. The promise of Medicaid is the problem with any private health insurance, 5% of the enrollees are responsible for 50% of the cost. The chronically ill, the elderly, the disabled could bankrupt the taxpayers.
In fact, the trustees of Medicaid project they will run out of money by 2016, and they keep adjusting the default date sooner. Also people quickly learn once they are forced into the Medicaid Ghetto that no doctor has the room to see them. Because Medicaid reimbursements are so low, below even most doctors office cost to see you, the more patients a physician accepts, the more money they lose.
Medicaid is not sustainable long term. Even after the politicians stole $530 million for Medicare under Obamacare transferring it to Medicaid, the affordable care act expands Medicaid so rapidly, that money will quickly disappear. Many states like Nevada may see a jump in Medicaid enrollees of 80 to 97%.
Medicaid Reimbursements
Medicaid already under-reimburses doctors and clinics by around 20%, forcing them to subsidize Medicaid patients. 17 states and Washington, D.C., have lowered or eliminated Medicaid benefits. These reductions include restrictions and complete elimination of some benefits. California cut Medicaid Payments by 10%. This will cause even fewer doctors to accept new Medicaid patients, and less will contract with clinics and governments. It may even cause fewer prospective doctors to enter medical school.
Prescription Drugs and Medicaid
38 states have enacted more pharmacy cost controls to lower Medicaid costs. More drugs are subject to prior authorization, and governments are more generous supplemental rebates.
Qualifying for Medicaid
You may qualify for Medicaid if you (are):
An adult and/or, parent with income up to 133% of the federal poverty level ($24,352 for a family of three in 2010). $29,000 for family of 4 and $14,400 for singles.
In a Nursing home with income above SSI but under 300% of the federal poverty level ($32,490 for an individual in 2010)
Blind, elderly, or disabled with incomes above the SSI but under 100% of the federal poverty level ($10,830 for an individual in 2010).
People with disabilities who work and have incomes above the SSI limit.
Medically needy individuals who require institutional care but who have incomes that are too high to don't qualify for SSI—these individuals can deduct the cost of their institutional care from their income in order to qualify for Medicaid
Craig Casey is an Writer, Coach, Blogger, Husband, and Former Health Insurance Agent helping people on the web since 1999 with their health insurance problems.
