People confuse c Medicare and Medicaid due to the similarity in the names. Both are federal health insurance programs, set up in 1965 through an amendment to the Social Security Act. While both provide coverage for medical expenses and Healthcare, they do have some differences, and we will discuss this a little more below.
Coverage
Medicaid is an assistance program that covers all ages, as long as the state determines that you are needy or require financial assistance. Depending on the state, you get coverage for certain services like in and outpatient hospital care, Homecare, nursing, x-ray diagnostic services, transportation to medical facilities, among others. You may also get coverage for prescriptions, occupational and physical therapy, chiropractic services, optometry, dental care, among others.
Medicare is an insurance program that primarily caters to individuals who are above the age of 65. Younger people who have disabilities may also qualify for coverage.
Funding
Medicaid gets its money from public funding collected through taxation. It gets its funding from both federal and state governments. Patience may pay part of the cost through deductibles, and they may also pay monthly premiums for non-hospital coverage.
Medicare is deducted from your paycheck as a mandatory contribution, much like Social Security. The patient usually doesn’t pay for any medical expenses that are covered but may, in some instances, have to make a small co-payment.
Qualification Criteria
Medicaid
You are eligible to qualify for Medicaid if you have a financial need, and qualify as per the federal guidelines. These include:-
- Pregnancy coverage whether you’re single or married
- Anyone who has a minor and needs financial help, or special care like skilled nursing
- If you’re a teenager who is living on your own
- If your old, blind, disabled, and above the age of 65
- Services such as lab and X-ray, surgical, dental services for adults, family planning and health screening
- Custodial care for those who may have had an accident or stroke requiring specialized nursing both at home or at a nursing facility.
- Nursing Home Care for rehabilitation or on a short-term basis. You may pay part of the cost depending on your tax deductions and income.
- If as per the federal poverty guidelines, you qualify as a medically needy individual.
Other than income, the state will also take into consideration what assets you have. Such include checking’s and savings accounts, bonds, stocks, vehicles, and other property. They will, however, not consider things such as your primary residence, personal effects, and household goods, among others.
If you have more assets than the government allows, you will need to spend down until you get to an amount that places you in the financially needy bracket. To qualify, you cannot have more than $2,000 as an individual or $3,000 as a couple in liquid assets.
Spending down could involve things like paying off your mortgage, renovating a home among others. Be careful that you do not attract the transfer penalty, which applies to individuals who deplete their assets quickly to qualify for Medicaid.
Medicare
- It comes in four parts namely:-
- A – Hospital care that will cover the cost if you are in a medical facility.
- B– Cover for medical tests, procedures, and doctors. It has a monthly premium attached to it
- C – Medicare advantage which covers Hospital care, doctors, procedures, and prescription drug coverage. you get this cover through insurance companies
- D – Prescription drug coverage which you get through private insurance companies requiring you to pay a monthly premium. The insurance companies are federally approved.
- It provides cover for anyone who has contributed to the Medicare system
- It will also cover anyone who has received social security disability benefits 40 years and those suffering from certain conditions such as ALS
Can One Qualify For Both Medicare And Medicaid
It is possible to have both Medicare and Medicaid. Up to 17% of those with Medicaid also receive Medicare; the numbers are especially high among the seniors were receiving long-term care. There are certain benefits you will receive with Medicaid, for instance, cover for nursing care, which Medicare will not cover. However, as stated above, to be eligible for Medicaid, you still have to meet the income requirements.
You can also benefit from the Medicare savings programs such as: –
- Qualified Medicare beneficiary (QMB)
- Specified low-income Medicare beneficiary (SLMB)
- Qualified disabled working individual (QDWI) program
Most people will also have additional insurance cover to take care of the aspects that Medicare and Medicaid do not. Such include dental services or even those prescriptions that are not on the covered list.
Final Thoughts
We have shared with you the essential aspects of both Medicare and Medicaid. It is, however, vital that you also take the time to understand what the two can offer you properly. Contact us here at Stress Free Health Options to get more help on choosing the right plan for you.
Hello! Do you use Twitter? I’d like to follow you if that would be okay.
I’m definitely enjoying your blog and look forward too new articles.
I like it whenever people come together and share thoughts.Great website, continue the good work!|
I got thbis site ffrom my pal wwho shared with mme concerning this website
and nnow this time I am browsing this website and reading very
informative articles or reviews at this place.
Very nice post. I just stumbled upon your blog and wanted to
say that I’ve truly enjoyed surfing around your blog posts.
In any case I will be subscribing to your feed and I hope
you write again very soon!
Hey! This is myy first comment here so I just wantwd to give a
quick shout out and sayy I truly enjoy reading through your articles.
Appreciate it!
Greetings! Very helpful advice in this particular article!
It’s the little changes thast make thhe most important
changes. Maany thanks for sharing!
I’m impressed, I mjst say. Seldom do I encounter a blog that’s
both equally educative and engaging, and let me tell you, you’ve hit the
nail on the head. The issue iis something too few folks are
speaing intelligently about. I am very happy that I found this
during my search for something regardig this.
Would love to perpefually get updated outstanding web blog!
Great post! We will be linking to thjs great post on ouur
website. Keep up the great writing.
Hello everyone, it’s my first visit at his website, and piece of writingg is
genuinely fruitful designed for me, keep up posting such articles
or reviews.
Wow cuz this is great work! Congrats and keep it up!
Great post. I was checking continuously this blog
and I am impressed! Extremely useful info specifically the last part
🙂 I care for such info much. I was seeking this particular information for a long time.
Thank you and best of luck.
Glad it helped. Let us know if there’s anything else you’d like to see from us.
Glad it helped. What else would you like to see from us?
Hello there, I discovered your web site via Google even as searching for a related topic, your web site came up, it looks great. Electra Lyell Arette
I think other website proprietors should take this site as an example, very clean and superb user friendly style and design. Lari Hubie Doane
👍😃
I have read a few excellent stuff here. Certainly price bookmarking for revisiting. Robinia Yard Mandelbaum
Nice post. I learn something totally new and challenging on blogs
I stumbleupon on a daily basis. It will always be helpful
to read articles from other writers and use something from other web sites.
Glad you liked it! Thank you.
I have been exploring for a bit for any high-quality articles or weblog posts in this kind of house .
Exploring in Yahoo I eventually stumbled upon this web site.
Reading this info So i’m satisfied to express that I’ve a very good uncanny
feeling I came upon exactly what I needed. I such a lot definitely will make certain to don?t put out of your mind this website and provides it a look on a continuing basis.
Thank you Christen…glad you liked it. Let us know what other topics you’d like to hear about. Stay Safe & Stress Free.