©2023 OnPay, Inc.
Insurance offered through OnPay Insurance Agency, LLC (CA License #0L29422)
Updated on September 22, 2023
Medicare is a federal health insurance program that helps cover medical costs for vulnerable Americans. The program benefits some people with disabilities and kidney failure, some younger Americans, and individuals 65 years old or older.
Along with Social Security tax, Medicare tax is part of the Federal Insurance Contributions Act, or FICA, which requires employers to withhold 1.45% of their employees’ taxable gross wages.
In addition to direct healthcare expenses and prescriptions, examples of what medicare can cover include hospice care, lab tests, and some medical equipment. Medicare usually does not cover acupuncture, plastic surgery, or dentures.
“Since my grandfather turned 65, we’re hoping Medicare will pay for medical needs like his lift chair.”
Terms related to: Medicare
Articles and resources related to: Medicare
Try OnPay out yourself to see how easy payroll and HR can be. To get started, just share a few basic details about your business. Our team of pros will set everything up and import your employees’ information for you.