Medicaid and Medicare are two of the most important health insurance programs in the United States. They provide coverage for a variety of health care services for people who cannot afford private insurance. Medicare is the largest health insurance program in the nation, covering more than 57 million Americans.
Medicaid is a state-run program and Medicare is a federally-run program. Both the federal and state governments fund Medicaid, while only the federal government funds Medicare. While the government funds both programs, key differences exist between the two insurances.
Who qualifies for each program?
The primary difference between Medicaid and Medicare is that Medicaid is only available to certain low-income individuals and families, while Medicare is available to anyone over the age of 65. Some individuals under 65 years old who have certain conditions or disabilities may also qualify for Medicare coverage.
Medicaid requires recipients to meet certain income eligibility requirements, while Medicare does not. Medicaid also requires recipients to meet certain asset requirements, such as having fewer than $2,000 in assets, while Medicare does not.
What does each program cover?
Medicaid covers a broader range of services, including preventive care, prescription drugs, hospital stays, dental care, vision care and mental health services. Medicaid also covers long-term care services, such as assisted living, while Medicare does not. Medicare Part A covers inpatient hospital care and some home health services. Part B includes doctor visits, outpatient services and preventive care. Part D covers prescription drugs.
Understanding these differences can help individuals make informed decisions about their healthcare coverage.