Assignment task: Solving the Medicare Crisis
You are chief of staff to your brother-in-law, Representative Howard Hughes, who was recently elected to fill out a term in Congress.
He has been asked to participate in a panel discussion on the Medicare funding crisis. You have been asked to analyze. The panel is asked to respond to a proposal for reducing Medicare expenditures by adding Part X to the current Part A - Hospital coverage, Part B - Outpatient coverage, Part C - Managed care, and Part D - Prescription drug coverage. What would Medicare Part X contain?
Key Questions:
The following key questions must be addressed in the paper.
Q1. Define the coverage element(s) for the proposed Medicare Part X.
Q2. Provide detailed explanations of costs and benefits and related economic principles to support the proposed Medicare Part X.
Q3. Identify how the proposed Medicare Part X will be funded.
Q5. Include a section entitled "Contingency Planning" on how your Medicare Part X recommendation(s) would or would not change if a new federal law was passed that required all individuals over age 65 to purchase long-term care insurance for assisted-living and nursing home (i.e., skilled nursing facility) services. Be sure to include rationale and justification.