The U.S. government’s Medicare and Medicaid plans have been a significant help for many people looking to get financial support for healthcare. Unfortunately, many people face diseases and fall sick. Some illnesses require financial assistance from different entities altogether. In such cases, one can expect to get help from Medicare or Medicaid.
You should contact a New Jersey Medicaid planning lawyer to start these plans. While many people may be aware of both terms, their differences are still unclear. You can benefit by being aware of the differences. This article covers all the essential differences between Medicaid and medicare.
What is Medicaid?
Medicaid is specifically designed for people with limited income. People who do not have access to specific resources can look to Medicaid as support for their healthcare. It is a single plan with no specified age parameters. Anyone suffering from an illness who does not have the ability or resources to pay for their healthcare can rely on Medicaid as a resort.
It is a joint and state-level medical assistance plan that pays for medical costs and long-term health care needs. Americans of all ages can benefit from such a plan. Children who need medical help but cannot achieve the latter due to parents’ qualifications for Medicaid can benefit from the Children’s Health Insurance Program (CHIP).
What is Medicare?
Medicare is the primary medical coverage plan that is well-known among many people. Medicare is generally provided to senior citizens or people with disability. The Medicare plan is divided into four parts. Each part of the plan covers different parameters like necessary medical services, hospitalization, prescription drugs, and supplemental coverage.
Medicare is generally provided to U.S. citizens aged 65 years or older. The four-part plan covers different premiums and coinsurance. The enrollment period for this plan starts on October 15 and ends on December 7 for 2022. Medicare does not have strict eligibility plans for the applicants and is available for every American 65 years or older.
Difference between Medicaid and Medicare
The primary difference between each term is the eligibility criteria. Medicare is available to individuals based on their age or disability. One can apply for medicare once they turn 65. On the other hand, Medicaid is open to people with low income or other exceptional circumstances.
Medicaid applicants need to fall under the poverty level to qualify for the plan, whereas the only criteria for medicare are the age parameter. Lastly, the Medicare plan is divided into four parts, whereas Medicaid is a single plan.