Medicare vs. Medicaid
Medicare provides health insurance to the elderly and disabled, while Medicaid provides financial coverage for those in need. Here is a closer look at the difference between each of these programs.
What is Medicare?
Medicare is a federal insurance program geared towards those 65 and older or with certain health conditions. Depending on the Medicare plan(s) you choose, your coverage may look something like this:
- Short-term hospital coverage under Part A
- General medical and preventative care under Part B
- Frequent visit care under Part C (Medicare Advantage)
- Prescription drug coverage under Part D
- Out-of-pocket Medicare costs covered under a Supplement plan
You are eligible for Medicare if you:
- Are a U.S. Citizen and are 65 Years Old or Older
- Have End-Stage Renal Disease (ESRD) or Lou Gehrig’s Disease
- Are Receiving/Can Receive Social Security or Railroad Retirement Benefits
- Are Under 65 and Have Received Certain Disability Benefits from the RRB for at Least 24 Months
- Are Under 65 and Have Received Disability Benefits from Social Security for 24 Months or More
What is Medicaid?
Medicaid is also a federal program, but it is geared towards the financially needy and disabled rather than the elderly. Your Modified Adjusted Gross Income (MAGI) determines your financial eligibility for Medicaid. If, however, you have a disability (including blindness) or are age 65 or older, your Medicaid eligibility will be based on Supplemental Security Income (SSI) rather than MAGI.
In general, then, Medicaid provides additional financial aid not available under Medicare alone, including:
- Inpatient hospital services
- Outpatient hospital services
- Nursing Facility Services
- Home health services
- Physician services
- And much more
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Medicare and Medicaid Together
You may be eligible to receive Medicare and Medicaid together. Having Medicare does not mean that you are automatically eligible for Medicaid, but it is an option to combine both forms of coverage.
With a combined plan, Medicare will put money towards costs first, then Medicaid will pay its remaining share. The amount of money Medicaid will put towards costs is dependent on your coverage status.
Want to Learn More About Your Insurance Options?
World Financial Solutions has the insurance expertise to ensure your health, safety, and sanity, even when you feel completely lost. Our team will guide you through your questions to a budget-friendly answer. When you’re ready to get started with your free consultation, give us a call at 281-639-7787.