Medicare Vs Social Security

Medicare is a federal health insurance program in the United States that primarily serves individuals aged 65 and older, as well as some younger people with disabilities or specific health conditions. Established in 1965, Medicare is designed to provide essential health coverage, including hospital care, outpatient services, and prescription drugs, helping to reduce the financial burden of healthcare for millions of Americans. It is funded through a combination of payroll taxes, premiums, and general revenue, and it plays a critical role in ensuring access to necessary medical services for older adults.

Social Security is a federal program that provides financial assistance to individuals in the United States, primarily aimed at retirees, disabled individuals, and survivors of deceased workers. Established in 1935, Social Security functions through a system of payroll taxes collected from current workers, which fund benefits for retirees and those who qualify for disability or survivor benefits. The program is designed to provide a safety net for individuals and families, helping to alleviate poverty among the elderly and enabling them to maintain a basic standard of living in retirement.