Finance: What is medicare versus medicaid?

What is medicare versus medicaid? Medicare is a medical insurance program for age 65 and over administered by the US government and paid for primarily by taxes on wages. Medicare covers portions of hospital care, prescription drugs, and doctor examinations. Medicaid is a program co-administered by states and the federal government for health insurance coverage to low income and Americans who cannot afford private insurance.

College and CareerPersonal Finance
CoursesFinance Concepts
FinanceFinance Definitions
Financial Responsibility
Personal Finance
Finance and EconomicsTerms and Concepts
LanguageEnglish Language
Life SkillsFinance Definitions
Personal Finance
SubjectsFinance and Economics

Transcript

00:19

are generally controlled federally i'ii centrally In washington medicaid is

00:24

the financial health bomb for over sixty five million americans

00:27

who simply can't afford their own health insurance Taxpayers give

00:31

their dough to the government which then re apportions it

00:33

to the masses to pay for everything from treatment of

00:36

boo boos and out cheese Teo you know serious things

00:39

Why do we have it Why do we have medicaid

00:41

Well if you're a middle class quote average josie unquote

00:45

in this country and on any given sunday night you're

00:48

sitting in your heated home while it's snowing outside and

00:51

you have your tv on and you belt from a

00:53

nice meal How you going to feel seeing a slow

00:56

moving stream of homeless joe's walking by outside coughing desperate

01:01

for health care How does that feel Well maybe the

01:03

costs were so high they used to be you sitting

01:06

In there nice warm house but their kid got sick

01:10

or they got sick or something else happened and had

01:13

to sell their home their car everything covered the doctor

01:15

bills So yeah as a country we just don't do

01:18

india Yeah we don't treat people like that We don't

01:20

have our politicians and successful people live like this while

01:24

the huge percentage of our population you know lives like

01:27

this Medicaid is one of a bunch of social welfare

01:30

entitlements we offer as a country and we posit that

01:33

these combined are in fact one of the many things

01:35

that does make us great So yeah medicaid is specifically

01:39

angled toward covering the medical cost of the poor it's

01:41

not done perfectly it's not done efficiently it could be

01:43

done a whole lot better but at least it's done

01:46

We also have medicare which covers the medical costs of

01:49

the old the g's er's the ones who no longer

01:52

work for the most part except for driving for uber

01:55

there are over sixty five and many of them are

01:57

sick or at least they need pills in one form

01:59

or another Medicare comes in a few flavors all named

02:02

part this and part that like there's part ay which

02:04

covers hospital insurance ever been to an e r they

02:07

cost like a grand or three a night Yes more

02:11

than the honeymoon suite at pebble beach and way less

02:14

fun And if things are really bad it covers hospice

02:17

Yeah for the the end with capitol the end then

02:20

there's part b which covers the more basic less emergency

02:23

today today outpatient care issues from pill subscriptions toe therapy

02:28

then there's part c which is basically the arrangement between

02:31

your employer and government health care You know hmo's p

02:33

pose and so on that is essentially your employer pays

02:37

medicare to just handle your coverage soup to nuts and

02:40

you know unless you're allergic to nuts don't don't don't

02:44

do that and party is all about drugs D for

02:47

drugs see thats what it stands for that's how you

02:49

remember it that's medicare and medicaid these social entitlements while

02:52

helping plenty of people cost the country of fortune And

02:56

yes there is corruption in the system and lazy people

02:59

who are just they're collecting a paycheck And yes computers

03:02

and robots will help us manage all this stuff more

03:04

efficiently in the future But the suffering they stave off 00:03:07.92 --> [endTime] is worth it