Final answer:
Medicare is a government healthcare program designed to serve all persons age 65 and over, providing health insurance. It covers a range of medical services and is funded through payroll taxes, premiums, and general revenue.
Step-by-step explanation:
Medicare is a government healthcare program designed to serve all persons age 65 and over, providing health insurance to this population. It is not limited to low-income older adults, institutionalized persons, or older people with chronic disabilities. Medicare covers a range of medical services, including hospital stays, doctor visits, prescription drugs, and preventive care.
For example, Medicare Part A covers hospital care, while Medicare Part B covers doctor visits and medical services. Medicare Part D provides coverage for prescription drugs. Together, these parts make up the core components of Medicare.
Medicare is funded through payroll taxes, premiums, and general revenue. It plays a crucial role in ensuring that older adults have access to affordable healthcare and helps alleviate financial burdens associated with medical expenses.