Explain how Medicare is financed and identify who is eligible for Medicare. 

What is the financing of medicare?

Medicare is a federal program that provides health coverage for people aged 65 and older, those with disabilities, or with kidney disease. Medicare’s financing comes from a combination of payroll taxes paid by both employers and employees, premiums paid by individuals who are enrolled in the program, as well as general revenues transferred from other parts of the US budget.

Medicare is only available to those who meet the following criteria: they must be an American or a legal resident, 65 or older or disabled and have worked 40 quarters or more in their lives. Medicare recipients who qualify for additional financial assistance may be eligible based on the circumstances of their situation.

Medicare has four types of insurance: Medicare Advantage Plans (Part C), Medicare Part A, and Medicare Part D. Individuals can choose to join any or all of these programs, depending on their individual needs. Each part of the program covers different benefits, so beneficiaries should carefully consider what they want before making their decision.

In conclusion then, although there are numerous sources which contribute towards financing Medicare – only those who meet eligibility requirements can take advantage this government-run program’s various offerings