Though they sound quite similar, there is a big difference between Medicare and Medicaid which can often times leave people both confused and dumbfounded. Because the words both look and sound similar, often people will also assume that they are indeed the same thing, just with two different words used to describe it. That could not be further from the truth. So, in order to figure out what is what you’ll want to read the information listed below as we examine both the similarities and the differences between Medicare and Medicaid. You also have the option of contacting an insurance representative such as Delos H Yancey with State Mutual Insurance for more detailed information and assistance on what to do next.
What is Medicare?
Simply put, Medicare is a federal health insurance program that is designed and works for those who are 65 years of age or older. It also works with other groups such as certain younger people who suffer from disabilities and people with an End-Stage Renal Disease. This disease is a permanent kidney failure that requires dialysis or a kidney transplant.
What is Medicaid?
A federally and state health insurance program that’s jointly funded, Medicaid works to cover low-income and needy people. What this means is that it covers children, older individuals, the blind, the disabled and other groups of people who find themselves eligible to receive assisted income maintenance payments. Because Medicaid is administered at the state level, the requirements and the procedures that need to be followed are sometimes different state to state, meaning that you’ll need to first make sure you’re following your current state’s specific eligibility rules. Also it’s important to note that Medicaid is designed to cover long-term care and is based on the amount of financial need you have.
What are the differences between the two?
Again, though they both sound similar in name, there are some big and noticeable differences between the two. First off Medicare is a federal program that works to offer health coverage to those over the age of 65 while Medicaid provides assistance to the elderly and the poor as well as children in need and those who have a disability of some sort. With that said, Medicaid is both funded by federal and state agencies, while Medicare is only a federal program.
What are their similarities?
As you can see from the information listed above, there are some stark differences between the two programs, Medicare and Medicaid. Even though this is the case, there are some similarities as well, one being that they are both federally funded. The other is that both programs, even in their differences, are designed to help those who need it.
With the details provided above, hopefully you’ve find yourself a little less confused as to the meaning of our government’s Medicare and Medicaid programs. Again, though they sound similar in name, the last thing you want to do is confuse the two with each other, as there are many different aspects of each.