Covering health-related costs is something that nearly every American has to worry about. However, paying for healthcare can become even more confusing and difficult as you get older. That’s why we’re here to explain the difference between Medicare and Medicaid.
Medicare vs. Medicaid
What Is Medicare?
Medicare is a federal medical insurance program. Medicare mainly provides medical coverage for individuals over the age of 65, regardless of their income. However, it also provides coverage for individuals who are disabled, suffering from chronic conditions, and dialysis patients. The medical bills of those covered by Medicare are paid from trust funds that the covered individuals have paid into over the course of their lives through taxes.
Medicare patients usually have to pay part of their healthcare costs through deductibles for hospital costs and other specific expenses. Those covered through Medicare may also be required to pay small monthly premiums for non-hospital coverage. There are 4 main parts of Medicare covering different things—prescription drugs, medically necessary services, hospitalization, and supplemental coverage.
What Is Medicaid?
Medicaid is a federal-state medical assistance program and varies from state to state. This program follows federal guidelines, but is run by local and state governments.
Medicaid primarily serves low-income individuals, no matter their age. Because of this, patients covered through Medicaid generally don’t have to pay for any of their covered medical expenses. However, there are certain instances where a small co-payment may be required. Medicaid also offers additional benefits that are not usually covered by Medicare, like personal care services, nursing home care, and other types of long-term care.
At Celebrate Senior Living, we are committed to celebrating the moments, victories, and memories that will last a lifetime for our residents and their loved ones. We are a Midwest-based foundation that serves Illinois and Indiana residents by offering Independent Living, Assisted Living, Memory Care, and Skilled Nursing living options. We also provide three delicious, healthy meals a day to ensure our residents get the nutrients they need!
If you or a loved one are interested in senior living options, schedule a tour with us today! You can also learn more by exploring our communities, which include South Holland, Niles, and Fort Wayne, or by contacting us with any other questions!