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.
institution. n. 1. the act of instituting. 2. an organization or establishment founded for a specific purpose, such as a hospital, church, company, or college. 3. the building where such an organization is situated.. a place for the care or confinement of people, as mental patients. 4. a well-established and structured pattern of behavior or of relationships that is accepted as a fundamental part of a culture: the institution of marriage.