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.
A social institution is defined as a collection of individuals banded together in pursuit of a common purpose. A social institution's common purposes include granting its members certain rights and privileges. Members of a social institution also possess certain delineated duties, responsibilities and liabilities. As a group, the people making up a social institution share common objectives and goals.