Do you know the difference between Medicare and Medicaid? They may sound alike, but these government health insurance programs are dramatically different from one another and designed to help cover healthcare costs.

Medicare and Medicaid are two separate and very different. But there is a lot of confusion about how they work and the coverage they provide. They have similar names, so people often get confused about what each program covers.

If you are eligible for both Medicare and Medicaid (dually eligible individual), you can have both, and they will work together to provide you with health coverage at very low cost to you. The following article will help you get a handle on the key differences between the two.

Medicare

Medicare is a federal program designed to provide healthcare coverage to the elderly. It provides health coverage if you are 65 and older or have a severe disability, no matter your income. Medicare is a federal program. It is basically the same everywhere in the United States and is run by the Centers for Medicare & Medicaid Services, an agency of the federal government.

Medicaid

Medicaid is co-funded at the federal and state tax levels and is designed for low income or needy individuals. It is jointly funded at the state and federal levels. It is a federal-state program. It varies from state to state. It is run by state and local governments within federal guidelines. This includes children, elderly, and disabled who are eligible for federal assistance.

Both words are so much alike that it’s easy to get them confused. Both are government programs and both help people pay for health care. If you have confused about Medicare and Medicaid, don’t confused.

To avoid your confusion, here we have show the difference between Medicare and Medicaid that help pay for health care. Here is a review of who qualifies for Medicare and Medicaid, what’s covered with some of the key differences.

Learn about the difference between Medicare and Medicaid, and find out which is right for you.

Who Runs It:

• Medicaid is a federal program administered by the states. Information is available at your state’s health services office.
• Medicare is a federal program with uniform, national rules.

Eligibility:

• Low-income people are eligible for Medicaid, regardless of age.
• Medicare benefits can begin as early as age 62, or even earlier in the case of serious disability covered by Social Security.

Coverage:

• Medicaid covers basic health care costs such as visits to the doctor and hospital stays, but can also cover things like the cost of eyeglasses.
• Hospital and post-hospital facility charges, as well as home health care and Prescription drug coverage.

Administers the Program:

• Medicaid is administered by the 50 states; rules differ in each state. Medicaid information is available at your local county social services, welfare, or department of human services office.
• Medicare is a federal program whose rules are the same all over the country. Medicare information is available at your Social Security office.

Costs:

• Medicaid will often pay for Medicare deductibles and premiums, and it can cover the 20% of medical costs that Medicare will not pay for.
• In 2018, there is a coverage gap such that Medicare will not cover total drug costs after they exceed $3,750, but will resume coverage once total drug costs reach $5,000.

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