MEDICARE is a Federal Health Insurance plan for people age 65 and up. It also covers people that are under the age of 65 and have certain disabilities or conditions. Original Medicare is divided into different parts including Part A - Hospitalization and Part B - Medical. People on Original Medicare pay some out of pocket expenses in the form of monthly premiums, deductibles and coinsurance. Some Medicare Beneficiaries take out an additional plan, a Supplement (Medigap), to help cover some of the out of pocket expenses as well as a separate Part D plan - prescription drug coverage. Another Part of Medicare is the alternative option of Part C - a Medicare Advantage Plan. These plans give you Part A, Part B, and typically include the drug card (Part D) and take over your healthcare. These plans often include extra benefits like vision, hearing, and dental, which is not covered by Original Medicare.
MEDICAID is a joint Federal and State financial program that helps cover medical costs for some people that qualify based on their limited incomes, not on their age. Eligibility requirements and benefits can vary from State to State. Depending on what level you qualify for, Medicaid can help pay for medical expenses, premiums, copays, deductibles and coinsurance payments. If you qualify, you may be eligible for Special Part C Plans called Dual Medicare Advantage Plans. These have special benefits just for people who are dual qualified, meaning qualified for both Medicare and Medicaid. These plans often provide monthly monies that may be spent on OTC items, healthy groceries, utilities and even on gas in some plans.
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