In the United States, Social Security and Medicare programs take up about 8.4 percent of GDP according to estimates taken in 2010. Medicare in particular is expected to increase in costs and services in the next several decades.
It was on this day, July 30th, in 1965 that President Johnson signed into law a medical insurance plan called Medicare.
Medicare was to be financed by social security taxes. The national social insurance program now guarantees access to health insurance for all Americans over the age of 65 and to younger citizens with disabilities. In general, Medicare covers an average of half of the cost of all medical care for enrollees.