How is Medicare funded?
Medicare Trust Funds
Medicare is paid for through 2 trust fund accounts held by the U.S. Treasury. These funds can only be used for Medicare.
Hospital Insurance (HI) Trust Fund
How is it funded?
- Payroll taxes paid by most employees, employers, and people who are self-employed – See publication 15 pdf
- Other sources, like income taxes paid on Social Security benefits, interest earned on the trust fund investments, and Medicare Part A premiums from people who aren’t eligible for premium-free Part A
What does it pay for?
- Medicare Part A (Hospital Insurance)benefits, like inpatient hospital care, skilled nursing facility care, home health care, and hospicecare
- Medicare Program administration, like costs for paying benefits, collecting Medicare taxes, and combating fraud and abuse
Supplementary Medical Insurance (SMI) Trust Fund
How is it funded?
- Funds authorized by Congress
- Premiums from people enrolled in Medicare Part B (Medical Insurance) and Medicare prescription drug coverage (Part D)
- Other sources, like interest earned on the trust fund investments
What does it pay for?
- Part B benefits
- Part D
- Medicare Program administration, like costs for paying benefits and for combating fraud and abuse copied from Medicare.Gov
- Learn More ==> Kaiser Foundation, including spending
What is the Additional Medicare Tax?
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