News

When it comes to health insurance, there are a lot of options out there. And depending on one’s age, employment status, and income level, they may be eligible for different programs.

Medicare and Medicaid both provide health coverage to millions of Americans, but there are some key differences between the two that people should be aware of.

What Is Medicare?

Medicare is a federal health insurance program that provides coverage for seniors and disabled Americans. It has four parts:

• Part A covers hospitalization
• Part B covers outpatient care
• Part C is a private insurance option
• Part D covers prescription drugs

What Is Medicaid?

Medicaid is a state-run health insurance program that provides coverage for low-income Americans. The federal government and the states jointly finance it, and each state has its own eligibility requirements.

3 Key Differences Between Medicare and Medicaid

1. Eligibility requirements

Medicare is a federal health insurance program that is available to all Americans over 65. If one is under the age of 65, they can still qualify for Medicare if they have certain disabilities or end-stage renal disease.

Medicaid, on the other hand, is a state-run program that provides health coverage to individuals and families of low income. According to the Federal Poverty Level, to qualify for Medicaid in Florida, a person’s income must be at or below 138% of the federal poverty level. They must also be legal permanent residents with some form of identification or green card. However, some states have expanded their Medicaid planning programs to include adults with higher incomes.

2. Coverage differences

Medicare is primarily designed to cover hospitalization costs and other medical expenses related to aging.

Once someone enrolls in Medicare, they will have access to Part A (hospital insurance) and Part B (medical insurance). They can also choose to enroll in Part C (Medicare Advantage) or Part D (prescription drug coverage).

Medicaid, on the other hand, covers a wide range of medical expenses for low-income individuals and families. In addition to hospitalization costs, Medicaid can help cover the cost of primary care visits, prescription drugs, mental health services, and much more.

3. Cost differences

Another big difference between Medicare and Medicaid is how much each program costs. Most people enrolled in Medicare will pay monthly premiums for Part B and/or Part D coverage. They may also have to pay deductibles, copayments, and coinsurance for some services.

When one qualifies for Medicaid, no monthly premiums are needed. However, they may have to make small copayments for some services, like doctor’s visits or prescription drugs.

Medicaid Planning Assistance at Rooth & Rooth Elder Law Attorneys

While Medicaid planning may seem daunting at first, finding a team to help you through the process can make things much easier.

The team at Rooth & Rooth Elder Law Attorneys can use our years of experience to help you get through the process.

Contact us today to learn more about our highly attentive personal service and how we can assist you with the Florida Medicaid process.