Medicare

Medicare

Medicare Harman Stone
Medicare is a federal social insurance program, administered by the U.S. government since 1966, currently using around fifty private insurance companies across the United States under contract for administration.  The Medicare program is funded by a payroll tax, premiums and surtaxes from beneficiaries, and general revenue from the U.S. government via its taxpayers.  It provides health coverage for Americans aged 65 and older who have worked and paid into the system through their payroll taxes.  It also provides health coverage to younger people with some disabilities as determined by the Social Security Administration, as well as younger people with end stage Renal Disease and Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig's Disease.

In 2015, Medicare provided health insurance for over 55 million Americans - 46 million people age 65 and older and 9 million young people on disability.  Medicare, generally speaking, covers about half of the health care charges for those enrolled.  The enrollees must then cover their remaining costs either with supplemental insurance, separate insurance, or out-of-pocket.  Out-of-pocket costs vary depending on the amount of treatment a Medicare enrollee needs.  They might include the costs of uncovered services—such as for long-term care, dental, hearing, and vision coverage - as well as supplemental insurance premiums.