The Golden Thread

It is already August??

In July, I shared some of my favorite tips and tricks for wash day, as well as special occasion gift ideas that hopefully brought some joy and ease to your routine. As we move into August, I'm thrilled to also focus on an important topic that affects many of us: Medicare.

Throughout this month, I'll be diving into various aspects of Medicare and how it can serve as a crucial component in your healthcare plan. Whether you're just becoming eligible for Medicare or looking to optimize your existing coverage, I'll be providing insights and practical advice to help you navigate the system effectively. I'll be doing this all over on my Youtube channel, you won't want to miss it!

-Kelly

A Quick History about Medicare

Before Medicare

• 1935: The Social Security Act is signed into law by President Franklin D. Roosevelt, laying the groundwork for future health insurance programs.

1960s

• 1965: President Lyndon B. Johnson signs the Medicare and Medicaid Act (Title XVIII of the Social Security Act) into law on July 30. Medicare is designed to provide health insurance to Americans aged 65 and older, regardless of income or medical history.
• 1966: Medicare officially begins on July 1, providing hospital (Part A) and medical (Part B) insurance to eligible seniors.

1970s

• 1972: Medicare eligibility is extended to individuals under 65 with certain disabilities and to people with End-Stage Renal Disease (ESRD) requiring dialysis or transplant.

1980s

• 1983: The Prospective Payment System is introduced for hospital services, establishing fixed rates for patient treatment under Medicare.
• 1988: The Medicare Catastrophic Coverage Act is passed to expand benefits but is repealed in 1989 due to controversy and public dissatisfaction.

1990s

• 1997: The Balanced Budget Act introduces Medicare+Choice, later known as Medicare Advantage (Part C), allowing beneficiaries to receive Medicare benefits through private health plans.

2000s

• 2003: The Medicare Prescription Drug, Improvement, and Modernization Act is signed, creating Medicare Part D, which offers prescription drug coverage starting in 2006.

2010s

• 2010: The Affordable Care Act (ACA) is enacted, improving preventive services and reducing costs for Medicare beneficiaries while closing the Part D "donut hole" over time.

2020s

• 2020: The Medicare program faces new challenges and adjustments in response to the COVID-19 pandemic, including expanded telehealth services.

Medicare has evolved significantly since its inception, expanding its coverage and adapting to the changing healthcare landscape.