Did You Know: Medicare History

Medicare has a fascinating history that reflects its importance in American society:

• Origins: The idea of a national health insurance system dates back to President Teddy Roosevelt's 1912 campaign. However, it wasn't until President Harry S. Truman's push in 1945 that the concept gained significant traction. 
  
• Legislation: President Lyndon B. Johnson signed Medicare into law on July 30, 1965. The first beneficiaries were President Truman and his wife, Bess.
  
• Initial Coverage: Originally, Medicare included Part A (Hospital Insurance) and Part B (Medical Insurance). These parts are now known as "Original Medicare". 
  
• Expansion: Over the years, Medicare has expanded to cover more people and services. In 1972, it was extended to include individuals under 65 with disabilities and those with end-stage renal disease.
  
• Prescription Drug Coverage: The Medicare Prescription Drug Improvement and Modernization Act of 2003 introduced Medicare Part D, which provides prescription drug coverage. 
  
• Impact: Medicare has significantly improved the health and economic security of millions of Americans. As of 2022, nearly 65 million people were covered by Medicare.
  
• Economic Role: Medicare spending accounts for about 20% of total health care spending in the U.S., highlighting its substantial role in the nation's healthcare system.