Medicare

Definition

A federal program that pays for certain health care expenses for people aged 65 or older. Enrolled individuals must pay deductibles and co-payments, but much of their medical costs are covered by the program. Medicare is less comprehensive than some other health care programs, but it is an important source of post-retirement health care. Medicare is divided into four parts. Part A covers hospital bills, Part B covers doctor bills, Part C provides the option to choose from a package of health care plans, and Part D offers prescription drug coverage.

For further explanation, see Medicare vs. Medicaid – How and When Each Can Help You.

Use Medicare in a sentence

Once I turned 65 I became eligible for Medicare health coverage since I had been contributing to the program throughout my entire career.

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Medicare tax 1099-SA Form