As an American citizen who has worked all your life, it is important that you get the most out of your benefits when you need them the most. For most people, this is when they decide to retire or if they are struggling on a lowered income. Medicare and Medicaid are the two common government healthcare programs that may help financially. However, as they do not have automatic enrollment and have such similar names, it can be easy to confuse the two. Here is a simple breakdown of the differences to get you started.
What Is Medicare?
Medicare is a type of insurance program that is offered to American citizens who are older than 65 with a qualifying work history, no matter how much they earn. So long as you or your spouse have paid Medicare taxes for around a decade in your jobs, you will qualify. If you are covered by Medicare, you can pay your medical bills from trust funds that are established from your Medicare payroll taxes. This is a four-part program that includes hospitalization, outpatient visits and preventive care, Medicare Advantage plans, and prescription drugs. Depending on the plan you choose and the premiums you choose to add, the medical cost will differ.
What Is Medicaid?
Medicaid, on the other hand, is a program that provides long-term care and medical care to low-income individuals at any age. It has stricter eligibility requirements that are based on financial resources and income, so it can be harder to qualify for Medicaid. However, most people who are 65 or older that have limited financial resources will qualify. Anyone who is covered by Medicaid will not have to pay for most of the out-of-pocket costs for the covered medical expenses. The benefits will differ for each state but they generally cover most medically necessary services, like services and care at hospitals, skilled nursing facilities, health centers, or rural health clinics. Long-term care and home health care may also be covered.
Key Differences between the Two Programs
Medicare is for citizens who are older than 65 with a qualifying work history, while Medicaid is for low-income individuals at any age. This is the largest difference between the two programs. So older adults may be eligible for both! On top of this, another difference is that Medicaid covers long-term care services whereas Medicare generally covers short-term stays following a hospitalization.
Make the Most of Senior Living at Discovery Village At Deerwood
Here at Discovery Village at Deerwood, our team fully understands that committing to a stay in a senior living community can be a very big decision. This is especially so if you or your loved one is facing a limited income following retirement. Financial security is a very big factor when it comes to a person’s mental wellbeing. This is why we have established a 100% Satisfaction Guarantee program. It enables you to experience our amenities and service firsthand and yet be able to back out if anything does not live up to your expectations. In other words, if you are not satisfied within the first 90 days of your day, we will not hold you to the terms of the lease that you have signed with us and your community fee will be returned in full.
For more information on our housing options, programs, or amenities, contact us today and our team will be able to advise you further.
