
Medicare: The Basics Medicare is the Federal health insurance program for people ages 65 and older. The program helps pay for various medical expenses including hospital stays, physicians, prescription drugs, and more. The number of people enrolled in Medicare has tripled since 1970, climbing from roughly 20 million in 1970 to 60 million today, and is projected to reach almost 90 million in another 30 years. A common misconception about Medicare is that it is self-financed through premiums paid by current beneficiaries and payroll taxes by future beneficiaries. Unfortunately, payroll taxes and premiums only cover about half of the programs…
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