Most people know Medicaid and Medicare are two different types of health insurance, but what many don’t realize is that they are actually quite different.
Medicaid is a government-funded program that helps cover medical costs for certain people, while Medicare is a federally-funded health insurance program for people 65 or older, or for those with disabilities.
Let’s take a closer look at the differences between Medicaid and Medicare:
Medicaid:
-is a government-funded program that helps with medical costs for certain people
-is means-tested, which means that only people with low incomes are eligible for coverage
-covers a wide range of services, including hospitalization, doctor’s visits, prescriptions, and more
-is run by each state, so coverage and eligibility can vary from state to state
Medicare:
-is a federally-funded health insurance program for people 65 or older, or for those with disabilities
– covers a wide range of services, including hospitalization, doctor’s visits, prescriptions, and more
– anyone who is eligible for Social Security benefits is also eligible for Medicare
– there are four parts to Medicare: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage)
As you can see, Medicaid and Medicare are two very different programs. Medicaid is a government-funded program that helps with medical costs for certain people, while Medicare is a federally-funded health insurance program for people 65 or older, or for those with disabilities.
Each program has its own eligibility requirements and coverage options, so be sure to research both before making a decision about which one is right for you.