Final answer:
The statement regarding Medicare financing is false; while beneficiary premiums do contribute to certain parts of the program, Medicare is predominantly funded by payroll taxes and general revenues for different parts of the program.
Step-by-step explanation:
The statement that Medicare is financed by monthly premiums from those beneficiaries that voluntarily enroll in the program, and that the funds generated by the collection of premiums are deposited into a separate account known as the Federal Supplementary Medical Trust Fund is false. While it is true that there are beneficiary premiums for certain parts of Medicare, such as the Supplementary Medical Insurance and the Part D prescription drug benefits, Medicare's financing is more complex and multi-faceted.
Medicare consists of several parts, each funded differently. Part A, which pays for hospital charges, is primarily funded by a dedicated payroll tax. In contrast, Part B (Supplementary Medical Insurance) and Part D (prescription drug benefits) are funded through beneficiary premiums, which cover about 25% of the program costs for the elderly, and general revenues, which cover approximately 75%. Therefore, while premiums are a component of Medicare's funding, they are not the sole source as implied by the question. The majority of funding comes from payroll taxes and government revenues.