On this date in 1965, President Lyndon B. Johnson signed Medicare into law. Medicare is a medical and hospital insurance program for the aged. The U.S. Social Security Administration funds Medicare. Today, Medicare serves approximately 39 million Americans and has a budget of 190 billion dollars – about 10 percent of the U.S. budget overall. Medicare provides hospital insurance for retirees and their dependents, and covers many in-patient hospital costs. Supplementary insurance also covers physician and outpatient costs.

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