Since both the government-sponsored federal insurance programs have similar names, we understand that it can confuse how they work and what kind of coverage they offer. However, don’t worry as you’re in the right place. Here at Generations Insurance, we will break down the difference between Medicare and Medicaid.
What Is Medicare
Medicare is an insurance program designed for citizens and permanent legal residents of the U.S. This insurance program aims to help senior citizens with the costs of receiving medical attention and treatment. A patient must be 65 or above to be eligible for Medicare benefits and coverage. However, if the patient has end-stage renal disease, the patient may receive Medicare benefits and coverage before 65.
What Is Medicaid
This is also a federal insurance program for the U.S. It helps with the medical costs for people with limited income and fewer resources. Medicaid includes benefits that a patient might not receive in Medicare. Medicaid provides health coverage in all states and is for families and children. Other than this, pregnant women, senior citizens, and people with disabilities are eligible for this insurance program.
What Is The Difference
The main difference between the two insurance programs is that Medicare is a federal insurance program, whereas Medicaid is a state and federal insurance program. To receive Medicare benefits, one must be 65 or above, whereas Medicaid focuses on providing health insurance to low-income people.
Also, regarding whether there is a difference in the coverage provided by both, well, the answer is yes. Medicare focuses on providing health insurance benefits for senior citizens. Therefore, Medicare mainly covers the costs of hospitalization, hospital services, and prescription drugs.
On the other hand, Medicaid offers more coverage, such as midwife services and benefits you might receive with Medicare.
Can You Receive Both Medicaid And Medicare?
This is a common question many people ask. Well, the answer is that if you’re eligible to receive benefits and coverage from Medicare and Medicaid, you can have both. They will work together to provide you with extra health coverage and ultimately lowers your costs.
Let Medicare Experts at Generations Insurance help you.
As Medicare and Medicaid were designed to help people with limited income and resources, some are not familiar with what coverage they need and should get. That’s why it is essential to seek professional advice.
If you are facing similar challenges with deciding which insurance program would be best for you, please give us a call. Here at Generations Insurance, we will help you make the best decision.