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Finance Dictionary and Glossary of Investment Terms
Medicare
Definition 1.
A federal health program that subsidizes people who meet one of the following criteria:1. An individual over the age of 65 that has been a U.S. citizen or permanent legal resident for 5 years. 2. An individual that is disabled and has collected Social Security a minimum of two years.3. An individual undergoing dialysis for kidney failure or that is in need of a kidney transplant. 4. An individual that has Amyotrophic Lateral Sclerosis (ALS-Lou Gehrig's disease). Medicare helps out people at a time in their lives when they may have serious health problems but they do not have the money for treatment.
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Definition 2.
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 three parts. Part A covers hospital bills, Part B covers doctor bills, and Part C provides the option to choose from a package of health care plans.
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