Medicare

AAA

DEFINITION of 'Medicare'

A U.S. federal health program that subsidizes people who meet one of the following criteria:

1. An individual aged 65 or older who has been a U.S. citizen or permanent legal resident for five years.

2. An individual who is disabled and has collected Social Security for a minimum of two years.

3. An individual who is undergoing dialysis for kidney failure or who is in need of a kidney transplant.

4. An individual who has Amyotrophic Lateral Sclerosis (Lou Gehrig's disease).

Medicare helps out people at a time in their lives when they may have serious health problems but lack the funding for treatment.

INVESTOPEDIA EXPLAINS 'Medicare'

Medicare is divided into two parts. The first part of the coverage encompasses in-patient hospital, skilled nursing facility, home health and hospice care. The second part of coverage encompasses almost all the necessary medical services (doctors' services, laboratory and x-ray services, wheelchairs, etc).

RELATED TERMS
  1. Medicare Part B Premiums

    A monthly fee that Medicare participants pay for medical insurance ...
  2. Medicare Catastrophic Coverage ...

    A government bill designed to improve acute care benefits for ...
  3. Social Security

    A United States federal program of social insurance and benefits ...
  4. Medicare Part D

    A prescription drug benefit program that was created through ...
  5. Social Security Administration ...

    A U.S. government agency created in 1935 by President Franklin ...
  6. Medicare Wages

    An employee's earnings that are subject to a U.S. payroll tax ...
Related Articles
  1. Insurance

    What You Need To Know About COBRA Health Insurance

    We go through everything you need to know about COBRA so that you can decide if it's right for you.
  2. Insurance

    The Basics Of Travel Insurance

    Before going on your trip, find out what kind of insurance coverage you will need.
  3. Home & Auto

    Fighting The High Costs Of Healthcare

    If your employer is cutting medical benefits, a health savings account may be right for you.
  4. Retirement

    Retirement Saving Tips For 65-Year-Olds And Over

    Find out how to save smarter after 65.
  5. Professionals

    A Close Look At Certified Senior Designations

    We examine the validity of senior financial designations and whether they are worth pursuing.
  6. Options & Futures

    Getting Through The Medicare Part D Maze

    Having trouble sorting through your prescription drug coverage options? We offer some solutions to the confusing process of selecting the right Medicare Part D coverage for you.
  7. Options & Futures

    What's The Difference Between Medicare And Medicaid?

    One program is for the poor; the other is for the elderly. Learn which is which.
  8. Insurance

    What Does Medicare Cover?

    Don't assume you're insured. Find out what you can expect from this healthcare program.
  9. Home & Auto

    Taking The Surprise Out Of Long-Term Care

    Don't be caught unprepared - find out what to look for in LTC insurance policies.
  10. Home & Auto

    Long-Term Care Insurance: Who Needs It?

    No one is immune to the possibility of one day needing long-term care - and the costs can deplete a life savings.

You May Also Like

Hot Definitions
  1. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  2. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  3. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  4. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  5. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  6. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
Trading Center