Is Medicare and Medicaid the Same Thing?

This is a question we get most frequently from our clients. And it’s no wonder when the words sound very similar. Is Medicare and Medicaid the same thing? Both are US government-sponsored insurance programs to help cover healthcare costs. But the simple answer is no, they are not the same thing. In fact, they are both very different.

Medicaid is handled by the states and is typically based on income. While Medicare is handled by the federal government and is typically based by age. And you don’t have to choose which one to get. You can have them both.

Medicaid typically covers children, pregnant women, elderly, disabled and low-income families. Those covered by Medicaid pay nothing for covered services and have strict eligibility requirements (varying by state). The benefits include:

• Hospitalization
• Lab services
• Office visits
• Nursing facility services

Each state then has the option to include prescription drug coverage, optometrist services, eyeglasses, medical transportation, physical therapy, prosthetics and dental services.

Medicaid is also the only insurance to cover long-term care for those who require it.

Medicare typically covers elderly (65 and older); however, some individuals younger than 65 can qualify if they are disabled or other special circumstances. Medicare has four parts that each cover different things:

• Part A covers hospitalization.
• Part B covers medical like office visits, x-rays, lab work, wheelchairs, walkers, outpatient surgeries and preventative services (like the flu shot).
• Part C (sometimes called Medicare Advantage) is a combination of Part A & B.
• Part D covers prescription drugs.

While these are some of the types of differences between Medicare and Medicaid; It’s best to find the one that will work for you and your expectations for your lifestyle. Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the best insurance policy that will work within your budget..