Medicaid and Medicare Myths

In the face of all the budget cuts for both state and federal I thought some interesting facts and statistics would put our “state of Medicaid and Medicare” in perspective. The bill recently approved by the U.S. House of Representatives would cut federal Medicaid spending by 50% by 2030.

Medicaid Facts

It is funded jointly by state and federal governments, with the federal government’s share ranging from 50% to 80%.
Over 15% of seniors rely on Medicaid, all of whom are poor.
Seniors and people with disabilities comprise 1/3rd of Medicaid recipients, but account for 2/3rds of the costs.
Medicaid is primary payor for long-term care.
1/3rd of total Medicaid spending supports 2.8 million people through home and community-based services (HCBS) and 1.7 million nursing home residents.
7-out-of-10 people over 65 will need long-term care at some point, and nearly 10,000 baby boomers turn 65 every day.

On top of these facts about Medicaid, here are a few compelling facts about Medicare:

According to the figures presented by Dr. Tricia Neuman of the Kaiser Family Foundation at the LCAO event, half of all Medicare recipients live on incomes of less than $22,000 a year, with less than $2,100 in savings accounts and less than $31,000 in other assets.
Projections show that about half will have incomes less than $27,000 by 2030.
The need is growing as seniors and people with disabilities live longer.

I am interested in your thoughts on aging Americans in our country and our “state of Medicaid and Medicare”.

Tell us your Comments!

Source: LeadingAge.org

Medicaid and Medicare Myths

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