Medicare: Fast Facts
Here’s what you need to know about Medicare.
Health insurance is one of the best support systems for retirees. The ability to access medical care when you need it, and the confidence of knowing a significant portion of your medical expenses will be covered, makes growing older more comfortable. However, there may be a few aspects of this resource you need more clarity about in regards to paying for Medicare.
What is Medicare?
Everyone’s heard of it. But what is it, really?
Medicare is a health insurance plan administered by the government and available to U.S. citizens who are age 65 or older, disabled, suffer from Lou Gehrig’s disease (i.e., Amyotrophic Lateral Sclerosis), have kidney failure or meet the qualifications to receive a kidney transplant.¹
The concept of offering every American a medical service coverage plan was initially proposed by President Theodore Roosevelt during his electoral campaign. President Harry S. Truman also made attempts to get legislation passed to approve federal funding for the plan. However, the plan was not approved until 1965, and stipulations were attached to the bill, which prevented every American from receiving national medical insurance. Despite these initial failed attempts, the persistent efforts of Presidents Roosevelt, Truman, Kennedy and Johnson eventually resulted in the approval of this health insurance program.²