Differences Between Medicare & Medicaid
March 2, 2016•9 min
What are the differences between Medicaid and Medicare?There is often confusion about Medicare and Medicaid. How do you qualify? What does each cover?Medicare is an insurance program that is supported by Social Security deductions when you worked. You can receive Medicare once you are retired or disabled. Your application is processed by the Social Security Administration. There are four parts to Medicare:
Part A covers hospitalization.
Part B covers doctors' visits, lab work, and visits to the emergency room. It is like regular insurance.
Part C is privately purchased supplemental insurance to cover more than Part A and Part B usually cover.
Part D covers prescription drugs.
Medicaid is based on financial need. Federal, state, and local taxes fund the Medicaid program. There are no age requirements. There are low or no co-payments since it is for low-income individuals. There are specific income and asset limits by state. It is run by the state with federal guidelines. Priority is given to pregnant women, families, children, the disabled and elderly.Listen in as Marianne Eterno, President of Government Relations for GTL, discusses the differences between Medicare and Medicaid.