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Updated on February 28, 2022
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.”
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