What has been the impact of medicare on the healthcare system

Medicare is amongst the biggest health insurance programs worldwide. It accounts 20% of the healthcare expenditures, 1/8 of the Federal Budget, and over 3% of the state’s GDP. It has a significant impact on Americas healthcare an even economy.
 
In terms of healthcare, it gives financial benefit for the elderly. It introduces the prospective payment systems. It also transforms the transformation of the hospital system in the U.S. It promotes health research, advanced medical technology and procedures. It even reduces the private insurance of those retired employees.