Medicare Definition

Medicare is a US governmental social insurance program and provides health insurance to people aged 65 and over as well as certain other individuals. Medicare is funded primarily through payroll tax deductions, supplemented by other tax revenues. Medicare is the largest source of funding for medical serviced directed at people aged 65 or over. Medicare qualification procedures are complicated for younger individuals and in general benefits for younger individuals are limited. Medicare was created in 1965. Individuals interested in Medicare should contact the program well before their 65th birthday, as enrollment procedures are cumbersome and often cited as difficult to understand.