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2013 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS
2013 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS
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The Medicare program has two components. Hospital Insurance (HI),
otherwise known as Medicare Part A, helps pay for hospital, home
health following hospital stays, 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 lowincome enrollees. Medicare also has a Part C, which serves as an
alternative to traditional Part A and Part B coverage. Under this
option, beneficiaries can choose to enroll in and receive care from
private “Medicare Advantage” and certain other health insurance
plans. Medicare Advantage and Program of All-Inclusive Care for the
Elderly (PACE) plans receive prospective, capitated payments for
such beneficiaries from the HI and SMI Part B trust fund accounts;
the other plans are paid on the basis of their costs.
The Social Security Act established the Medicare Board of Trustees to
oversee the financial operations of the HI and SMI trust funds.
1
The
Board has 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 whom the
President appoints and the Senate confirms. Charles P. Blahous III
and Robert D. Reischauer began serving on September 17, 2010. The
Administrator of the Centers for Medicare & Medicaid Services
(CMS) serves 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 2013 report is the 48th that the
Board has submitted.
otherwise known as Medicare Part A, helps pay for hospital, home
health following hospital stays, 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 lowincome enrollees. Medicare also has a Part C, which serves as an
alternative to traditional Part A and Part B coverage. Under this
option, beneficiaries can choose to enroll in and receive care from
private “Medicare Advantage” and certain other health insurance
plans. Medicare Advantage and Program of All-Inclusive Care for the
Elderly (PACE) plans receive prospective, capitated payments for
such beneficiaries from the HI and SMI Part B trust fund accounts;
the other plans are paid on the basis of their costs.
The Social Security Act established the Medicare Board of Trustees to
oversee the financial operations of the HI and SMI trust funds.
1
The
Board has 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 whom the
President appoints and the Senate confirms. Charles P. Blahous III
and Robert D. Reischauer began serving on September 17, 2010. The
Administrator of the Centers for Medicare & Medicaid Services
(CMS) serves 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 2013 report is the 48th that the
Board has submitted.
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