Does Medicare Cost Anything?
What Is Medicare?
Medicare is the government health care plan for seniors. It is a public service that was developed to help seniors meet the costs of their health care bills. It is what is known as a government entitlement plan. Many people who are in retirement are on some type of Medicare plan. There are many different parts of Medicare, and different people qualify for and use different parts of the program.
How Is Medicare Paid For?
Obviously Medicare is not just some free magic wand that takes care of all of the health expenses of seniors. It has to be paid for in some way. If you are reading this, then you are probably already paying for this program. Anyone who works pays into the Medicare system. It is your part of the agreement. Basically, you pay into the system all of your working life so that you will have the money there when you are no longer working. The only thing is, the money that you personally put in will not necessarily be the money that you get out of it. Your money is mixed in with everyone else. You receive payouts based on a number of factors that determine your need.
Will Medicare Always Be There?
The answer to this question for most people is "we hope". The program is an entitlement program, but the money that the government receives for it is often spent on other things. This means that in recent years there have been a number of proposals to cut funding for this program. That is not something that is popular among those who are on the program, but those who are not yet there often do support this idea. It remains to be seen if this program will always be around.