medicare - Financial Planners, Articles and Q&A
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In 1965 president, Linden B. Johnson signed an amendment to Social Security legislation. The Social Security Act of 1965 created Medicare. Medicare is a form of single payer health care designed specifically for individuals over the age of 65. Single payer means that all payments are pooled by one organization, in this case, the American government. This organization then holds all responsibility for distributing the finances for, in this case, health care. To receive Medicare benefits, an individual or their spouse must have paid Medicare taxes for at least 10 years. An individual who has been a U.S. citizen for at least 5 years may receive benefits if they have a spouse who has paid the Medicare taxes for 10 years.