Medicare and Medicaid are two separate forms of government assistance programs designed to offer individuals more affordable healthcare access. While the names may sound similar, they are very different types of plans. Let’s take a look at the key differences between the two.
Medicare
Medicare offers coverage for basic medical services to individuals over the age of 65. In some cases, individuals under 65 will qualify due to chronic conditions or disabilities.
Like a more traditional insurance plan, Medicare usually requires a monthly premium in exchange for coverage. Most individuals will get Part A without a premium but will still have to pay for Part B. A deductible must also be met before coverage begins. Once the deductible is met, you can expect to still pay 20% of all covered services.
Medicaid
Medicaid is a little-to-no-cost program for low-income residents needing basic healthcare services. Typically hospitalization and routine medical care will be covered by Medicaid.
If you qualify for Medicaid, you will likely get all covered services at no cost to you. In some cases, you may be responsible for a copayment.
In some states, you may have to pay a small premium to access Medicaid if you are pregnant, disabled, or working with an income of 150% of the Federal Poverty Level.
Eligibility for Medicaid is determined by income level and family size. Coverage will vary by state but will almost certainly include hospital services, screenings, and preventive services, x-rays and lab work, family planning services, and dental surgery.
It is possible to qualify for both Medicare and Medicaid. Your Medicaid coverage would help pay some remaining costs of any Medicare-covered services in this instance. Medicaid may also be able to cover some services not approved by Medicare.
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