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

Explain how medicare is financed.

Medicare is the federal health insurance program for individuals aged 65 or older, people with certain disabilities, and those with end-stage renal disease (ESRD). 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.

Individuals who are eligible for Medicare must meet certain criteria such as being an American citizen or legal resident; being 65 years old or disabled; and having worked at least 40 quarters in their lifetime. Medicare recipients may also be eligible to receive additional assistance depending on their financial situation.

The different types of coverage offered under Medicare include Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans) and Part D (prescription drug plans). Individuals have the option to enroll in any one or all these programs depending upon their needs. With regards to benefits received, each part covers different services so it is important that beneficiaries evaluate what type coverage they need before making a 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