Medicare Program of the U.S. 1. Allocation – does the Medicare program alter economic behavior?

Medicare Program of the U.S.

1. Allocation – does the Medicare program alter economic behavior? Income and substitution effects, crowd-out or crowd-in private programming, alter behavior to work, save, retire, moral hazard effects, third party complications (insurance and adverse selection, for example.) Does it aid personal consumption smoothing or help people allocate income across their lifetimes.)

2. Distribution – who pays for the Medicare program and who benefits from it? Young, older, low-income, high-income. Redistribution can occur within generations – from high-income to low-income – or between generations – from young to older.

3. Stabilization – does the Medicare program stimulate the overall economy?

4. Growth – Does the Medicare program help or hamper economic growth?  

Please help! I need detailed answers in paragraphs please.