Rio Grande: State: NJ [New Jersey] Counties: CAPE MAY, NJ: Multi County: No: City Alias(es): Rio Grande: Area Code: 609: City Type: P [Post Office] Classification: [Non-Unique] Time Zone: Eastern (GMT -05:00) Observes Day Light Savings: Yes: Latitude: 39.017188: Longitude:-74.870632: Elevation: 19 ft: State FIPS: 34: County FIPS: 009: Region: Northeast: Division: Middle Atlantic: Intro Date:
Policy Implications of Medicare Coverage. Since outpatient prescription drug use is not covered by Medicare, it is a major source of out-of-pocket expenditures for the elderly. By one estimate, severely disabled elderly persons spend more than half their out-of-pocket health expenditures on outpatient prescription drugs.
Medicare Costs. Medicare, the federal governmentâs health insurance program for the elderly, now covers more than 40 million American age 65 or older. In 2011, Medicare spending reached approximately $554 billion, or about 15 percent of the federal budget. The program is funded by a 2.9 percent payroll tax paid by employers and employees, monthly premiums paid by enrollees, and the U.S. Treasury.