Medicare Guarantee Act 2017

The Medicare Guarantee Act 2017 establishes two special accounts: the Medicare Guarantee Fund (Treasury) Special Account and the Medicare Guarantee Fund (Health) Special Account. The purpose of these accounts is to ensure that amounts are available for transfer between them.

The Medicare Guarantee Fund (Treasury) Special Account is administered by the Secretary of the Treasury Department and is used to make payments of Medicare benefits and PBS payments during a budget year. It is also used to avoid funding shortfalls in the Medicare Guarantee Fund (Health) Special Account. The amount credited to this account must be sufficient to cover the funding of Medicare benefit payments and PBS payments for the period beginning when the specified amount is credited.

The Medicare Guarantee Fund (Health) Special Account is administered by the Secretary of the Health Department and is used to make payments of Medicare benefits and PBS payments after the initial credit time. The balance of this account must be sufficient to cover these payments, and the Consolidated Revenue Fund may be appropriated if necessary.

The Act also provides for delegation of functions and powers between the Treasurer and the Health Minister, as well as for the appropriation of the Consolidated Revenue Fund in certain circumstances.

Overall, the Medicare Guarantee Act 2017 is designed to ensure that there are sufficient funds available to meet the costs of Medicare benefits and PBS payments, while also providing flexibility and accountability in the management of these funds.