Medicare and Medicaid are two government programs designed to provide healthcare coverage, but they serve different groups and have distinct eligibility criteria, coverage options, and costs. Here’s a quick breakdown:
- Medicare: A federal program for people aged 65+ or younger individuals with specific disabilities. It includes hospital stays (Part A), outpatient care (Part B), private insurance plans (Part C), and prescription drug coverage (Part D). Costs include premiums, deductibles, and coinsurance.
- Medicaid: A joint federal and state program for low-income individuals of any age. It covers a broader range of services, including long-term care, dental, and vision, often with little to no out-of-pocket costs.
Some individuals qualify for dual eligibility, meaning they can benefit from both programs. This reduces healthcare expenses significantly, as Medicaid can cover Medicare premiums, deductibles, and additional services.
Quick Comparison
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