Medicare is a social insurance program that serves more than 44 million enrollees (as of 2008). The program costs about $432 billion, or 3.2% of GDP, in 2007.
The definition of an institution is an established custom or practice, or a group of people that was formed for a specific reason or a building that houses the group of people. 1  Marriage is an example of a cultural institution. 2  A town council is an example of an institution of government.
An institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets. Classified under: Nouns denoting groupings of people or objects. Synonyms: financial institution; financial organisation; financial organization. Hypernyms (financial institution is a kind of...): establishment; institution (an organization founded and united for a specific purpose) Hyponyms (each of the following is a kind of financial institution):