Medicare & Medicaid- What’s the difference?
Thursday, June 25th, 2015
What’s the difference between Medicare and Medicaid?
Medicare and Medicaid often get confused as the same thing and they do have several similarities such as: similar sounding names, both established in 1965, both designed to help cover healthcare costs, and are both taxpayer funded. However, they are actually very different. Medicare is designed to help the elderly and those with certain disabilities, whereas Medicaid is designed to cover healthcare costs for lower income individuals.
Medicare is a federal program that is attached to Social Security and is available to those 65 years of age and older and people with certain disabilities. It includes our parts: Medicare Part A, Medicare Part B, Medicare Part C and Medicare Part D.
Medicaid is a joint federal and state program that assists lower income individuals with their healthcare costs. It has strict eligibility requirements and the rules vary by state.
We understand how confusing this can be and people often want to know what they qualify for. If you have any questions on if you qualify or what your options are, please call our licensed and certified staff for answers.