Medicare is a federal health insurance program primarily targeted at individuals aged 65 and older, as well as certain younger individuals with disabilities. It’s designed to provide coverage for essential medical services, including hospital stays, doctor visits, and prescription drugs. Medicare consists of different parts:
- Part A (Hospital Insurance): Covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care.
- Part B (Medical Insurance): Covers outpatient care, doctor visits, preventive services, and some home health care.
- Part C (Medicare Advantage): Offered by private insurance companies, it combines Parts A and B and often includes additional benefits like dental, vision, and wellness programs.
- Part D (Prescription Drug Coverage): Helps cover the cost of prescription medications.
Medicaid, is a joint federal and state program that provides health coverage to eligible low-income individuals and families. While federal guidelines establish certain minimum requirements, states have the flexibility to design their own Medicaid programs within these guidelines. Key features of Medicaid include:
- Eligibility: Medicaid eligibility varies by state and includes factors such as income, family size, and disability status.
- Coverage: Medicaid covers a broad range of services, including hospital and doctor visits, prescription drugs, preventive care, and long-term care.
- Expansion: The Affordable Care Act allowed states to expand Medicaid eligibility, providing coverage to more low-income adults.
Disclaimer: The information provided in this newsletter is for general informational purposes only.