Medicare is a national social insurance program, administered by the U.S. federal government, that guarantees access to health insurance for Americans ages 65 and older and younger people with disabilities as well as people with end stage renal disease. Medicare offers all enrollees a defined benefit. Hospital care is covered under Part A and outpatient medical services are covered under Part B. Medicare Part D covers outpatient prescription drugs. According to the 2012 Medicare Annual Report, the Trustees project that Medicare costs will grow substantially until Trust fund exhaustion occurs in 2024. This model is obviously in need of urgent repair.
Ten Myths in the Medicare Ad Wars
Debate vs "school yard taunts"
from NCPA,

If you like public policy, this is potentially an ideal time to have a serious national discussion about the future of Medicare. What we are getting instead is something akin to school yard taunts. The best thing you can say about Mitt Romney and Medicare is that he is confused. The best thing you can say about Barack Obama is that he has trouble with the truth, says John C. Goodman, president and CEO and Kellye Wright Fellow at the National Center for Policy Analysis, and a research fellow at the Independent Institute.

Goodman presents 10 myths surrounding Medicare:

Myth Number One: Health Reform Is Good For Seniors.

Myth Number Two: Seniors Will Not Lose Any Medicare Benefits.

Myth Number Three: Health Reform Has Made Medicare More Solvent.

Myth Number Four: ObamaCare Is Fully Paid For.

Myth Number Five: Health Reform Is Going to Make Medicare More Efficient.

Myth Number Six: ObamaCare Takes $716 Billion out of the Medicare Trust Fund; by Repealing the Act, We Can Put the Money Back.

Myth Number Seven: There Is a Medicare Trust Fund

Myth Number Eight: By Privatizing the Program, Paul Ryan Would Destroy Medicare as We Know It.

Myth Number Nine: The Ryan Plan Is the Romney Plan.

Myth Number Ten: Medicare Doesn't Need Reform.

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