Medicare vs Medicaid
Medicare vs Medicaid: There are many differences between Medicare and Medicaid. A list of differences between Medicare and Medicaid are given below:
Medicare vs. Medicaid
Medicare and Medicaid both are U.S. based government-sponsored programs that were created in 1965 and designed to covers healthcare costs. Due to its similar names peoples are often confused about the works and functionality of them. Although both are healthcare programs but there are some major differences between them.
What is Medicare
It is an insurance program that is used to provide medical care to the peoples over 65. It is a federal program attached to social security. This program is available for all U.S. citizen with the age of 65 years. It also covers the people under 65 with certain disabilities.
Benefits of Medicare program
Medicare program consist of four parts:
1) Hospitalization coverage
It covers all the cost of being in the hospital and the medical facility.
2) Medical Insurance
This part covers the doctor's fees, medical tests and procedures etc. In includes all things done to you. The citizen should pay a monthly premium for this part coverage.
3) Supplemental Insurance and advantages
It is an alternative to the traditional Medicare coverage. Its coverage often includes part A, B and D. Medical advantage programs are administered by private insurance companies.
4) Prescribed drug coverage
For this part, you should also pay a monthly premium. It is administered by private insurance companies. You are required to have it unless you have to take coverage from other source.
What is Medicaid
Medicaid is a joint federal and state program intended to help the low-income individuals and families. It is an assistance program which provides medical facility to low-income people of every age. In this program, patients usually don't need to pay extra costs for covered medical expenses. Sometimes a small co-payment is required (varies from state to state). It is governed and controlled by state and local government.