Medicare Definition

Term Definition
Medicare is a health insurance program devised by the federal government to provide medical care for seniors and disabled Americans.

Extended Definition
Medicare is a federal healthcare plan that provides medical assistance to seniors over 65 and citizens affected by a few specific diseases. People under 65 can also qualify for Medicare if they suffer from physical disabilities, Lou Gehrig’s disease, and permanent failure in kidney functions. The program is spearheaded by the Centers for Medicare and Medicaid Services and is mainly funded by payroll taxes contributed by the employee and employer.

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