New Medicare trend using more resources than ever
Case Management Weekly, February 12, 2008
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A new trend is placing the Medicare trust fund in danger of evaporating faster than previously anticipated. Some state and local governments, large non-profit organizations, and major corporations have found a way to save money by moving from their retiree's health plans to become Medicare Advantage plans.
The Los Angeles Times reports that a "little-understood feature of Medicare" allows companies to switch to Medicare Advantage plans, which pay private insurers a bonus for taking over Medicare coverage for seniors.
The bonus for seniors is that they receive benefits not available to other Medicare beneficiaries, which is funded by payments that are approximately 113% of the cost of care under traditional Medicare. The program also saves companies money, and the article cites the state of Michigan, which saved $40 million on care for retired teachers and public-school workers through offloading the retirees into Medicare Advantage.
Source: Los Angeles Times
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