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.


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).

  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 ...
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