Medicare is a large single-payer segment of the total health-care market. It is a popular program, but since the beneficiaries get something for nothing, what is not to like? The Social Security Administration estimated that the average annual cost of health care was $442 per person in 1962, which was shortly before the creation of Medicare. The Social Security Administration further found that 90% of seniors paid for their health care out of pocket. This study prompted The New York Times on August 2, 1964, to complain that the average cost of a hospital stay was approximately $285 per week. Fifty years later, the problem we see is that very few young people can afford health care. The average cost of a hospital stay in 2010 was $9,700 ($1,379 in Consumer Price Index–adjusted 1964 dollars) per day. A week in the hospital now exceeds the median annual household income.