Have you ever wondered who pays for elderly care? Most seniors, and elderly receive assistance from Social Security, Medicare, or Medicaid. Social Security, and Medicare/Medicaid are government funded programs that provide medical insurance assistance. Medicare is only available for people 65, or older.
So who actually pays for elderly care? Taxpayers pay for elderly care. On most employment check stubs, you will notice a FICA deduction, or a Medicare deduction. These deductions are equal to 1.45% of your earnings. Your employer pays the other 1.45% resulting in a total of 2.9%.
For example, if you receive a gross paycheck weekly in the amount of $500, you would pay $7.25 in FICA taxes. You would pay about $377 per year in FICA taxes.