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Medicare

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How is Medicare financed?
Who is eligible for Medicare?
What the benefits of Medicare?
What are the differences in premiums and covered services?

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The greatest proportion of Medicare is financed by deductions from employees' wages in the form of a payroll tax. These taxes are deducted from an individual's wages for the entire time that they work, which essentially means that the longer that individuals works, and the more individuals within society that work, the more funding there will be available for the Medicare system as a whole, due to their contribution to the Medicare system. This tax results in an approximate 1.45% reduction from each paycheck. What is interesting about this is that a portion of Medicare is also financed by employer's, due to the fact that they pay a 1.45% tax as well. In addition to these sources of financing for Medicare, self-employed individuals must pay a 2.9% tax that is deducted from their earnings to contribute to Medicare ...

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