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Sunday, 02 October 2011 15:46

Medicare: The Basics

Written by
Medicare and you

By: Nancy Mann Jackson 

How it works: Established by the Social Security Act of 1965, Medicare is a social insurance program that provides health insurance coverage to people who are 65 and over and others who meet special criteria (such as having a permanent physical disability). The basic Medicare plan pays up to 80 percent of medical costs; by adding a Medicare Advantage plan, individuals over 65 can receive more complete benefits. 

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