Medicare Contributions

Medicare contributions refer to the taxes that workers and their employers pay to help fund the Medicare program, which provides healthcare for people aged 65 and older, and some younger individuals with disabilities. These contributions are typically taken from payroll through the Federal Insurance Contributions Act (FICA) and are used to support hospital insurance (Part A) and other services. The amount contributed is generally a small percentage of earnings, ensuring that eligible individuals receive necessary medical care when they need it, thereby promoting health and financial security for older adults.