Meaning of the word "socialized medicine" in English

What does "socialized medicine" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

socialized medicine

US /ˈsoʊʃəlaɪzd ˈmɛdɪsɪn/
UK /ˈsəʊʃəlaɪzd ˈmedɪsɪn/
"socialized medicine" picture

Noun

a system of medical and hospital care for all citizens by means of public funds

Example:
Many countries have adopted socialized medicine to ensure universal healthcare access.
Debates about the benefits and drawbacks of socialized medicine are common.