Authors: Federal Hospital Insurance and Federal Supplementary Medical insurance Trust Funds, Board of Trustee
Publication Year: 2008
Last Updated: 2016-04-06 13:25:25
Keywords: 2008 Annual Report, Federal Medicaid Assistance Program, FMAP, Medicaid, Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds, Medicaid, Part B, Part D
2008 Annual Report to the Board of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds.
The Medicare program has two components. Hospital Insurance (HI), or Medicare Part A, helps pay for hospital, home health, skilled nursing facility, and hospice care for the aged and disabled. Supplementary Medical Insurance (SMI) consists of Medicare Part B and Part D. Part B helps pay for physician, outpatient hospital, home health, and other services for the aged and disabled who have voluntarily enrolled. Part D provides subsidized access to drug insurance coverage on a voluntary basis for all beneficiaries and premium and cost-sharing subsidies for low-income enrollees. Medicare also has a Part C, known as “Medicare Advantage.” Under this option, beneficiaries can choose to enroll in and receive care from private health insurance plans that contract with Medicare. The Medicare Board of Trustees was established under the Social Security Act to oversee the financial operations of the HI and SMI trust funds. The Board comprises six members. Four members serve by virtue of their positions in the Federal Government: the Secretary of the Treasury, who is the Managing Trustee; the Secretary of Labor; the Secretary of Health and Human Services; and the Commissioner of Social Security. Two other members are public representatives who are appointed by the President, subject to confirmation by the Senate. These positions are currently vacant. The Administrator of the Centers for Medicare & Medicaid Services (CMS) is designated as Secretary of the Board. The Social Security Act requires that the Board, among other duties, report annually to the Congress on the financial and actuarial status of the HI and SMI trust funds. The 2008 report is the 43rd to be submitted.