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Medicare: Insolvency Projections Medicare is the nation’s health insurance program for persons aged 65 and older and certain disabled persons. Medicare consists of four distinct parts: Part A (Hospital Insurance, or HI); Part B (Supplementary Medical Insurance, or SMI); Part C (Medicare Advantage, or MA); and Part D (the outpatient prescription drug benefit). The Part A program is financed primarily through payroll taxes levied on current workers and their employers; these taxes are credited to the HI trust fund. The Part B program is financed through a combination of monthly premiums paid by current enrollees and general revenues.