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.
Universities, banks, and hospitals are all institutions. Until you arrived at the bank, you'd forgotten that financial institutions were closed for the holiday. Thank goodness for the ATM! The noun institution also refers to a long held custom or practice in society. Even if your parents divorced when you were young, you might strongly believe in the institution of marriage. Or you might believe that once you enter the institution of marriage, your next stop will probably be a mental institution.