Medicaid and Medicare. It’s challenging to understand two terms that cause as much complication.
What’s the difference between Medicaid (joint federal and state program) and Medicare (federal health insurance for people 65 or older)?
What are Medicaid and Medicare?
What is the eligibility to get Medicaid or/and Medicare?
And how can some people get both?
Keep reading to find out the response to these questions and even more.
Understanding the Difference between Medicaid and Medicare.
The main difference between Medicaid and Medicare programs is that Medicaid is managed by states and is based on your income. Meanwhile, Medicare is managed by the federal government and is primarily based on age. But there are specific conditions that may allow younger individuals to obtain Medicare.
What is Medicaid?
Medicaid is a program that allows you to obtain healthcare at a lower price or occasionally at no charge to you. Each state manages Medicaid so that the eligibility requirements can change from one state to another. Your state might also have its own name for its Medicaid program. It’s essential to keep in mind that you need to recertify for Medicaid every year.
Medicaid typically covers:
Children and Teenagers
Pregnant Women
Persons who are Aged, Blind, and /or Disabled
Qualified low-income adults
What is Medicare?
Medicare is a federal health insurance program that the government manages. Medicare covers people age 65 or older.
Some people under age 65 may qualify because of a disability or another unique condition.
Medicare helps millions of senior American citizens and disabled people cover some of their health care expenses. There are four various parts to Medicare. These assist in providing people much more healthcare options to choose the healthcare plan that best fulfills their requirements.
The four parts of Medicare.
Parts A and B are additionally referred to as “Original Medicare.”
Part A.
Helps to cover inpatient hospital care.
Part B.
Helps to cover medical services.
Private insurance companies offer other kinds of Medicare plans with additional advantages that exceed Original Medicare:
Part C.
Combines Part A (Hospital Insurance) and Part B (Medical Insurance) in one plan that usually includes prescription medication coverage.
Part D.
Prescription Drug Coverage.
How exactly can I obtain both Medicaid and Medicare?
Some people get Medicare because of age (they’re age 65 or older) or due to having special needs. They’re additionally eligible for Medicaid since they meet the requirements to get Medicaid in their state. These people are “dual eligible” because they’re eligible for both Medicaid and Medicare.
What are Dual Health Insurance Plans?
Dual health insurance plans are made simply for those individuals that have both Medicaid and Medicare. They’re a unique sort of Medicare Part C (Medicare Advantage Plan). Dual health insurance incorporates healthcare facility, clinical as well as prescription medication coverage. You’ll maintain all your Medicaid benefits. And also, you could get even more benefits than with Original Medicare. And also, you might get it all as reduced as a $0 plan premium.
What is Dual Eligible Special Needs Plan (D-SNPs)?
Dual Health Insurance Plans are also called Dual Eligible Special Needs Plans (D-SNPs). Private insurance companies use them, so you can get a dual health insurance plan that ideal meets your medical insurance requirements. Being on a dual health insurance plan does not change your Medicaid eligibility or benefits.