Medicare and Medicaid offer health coverage through a government-ordained program. Although the two may seem similar, they’re quite different. Understanding what sets them apart is crucial to ensure you get the right coverage for your needs. The guide below highlights some of these differences to help you make an educated decision.
Medicare
Medicare is a health insurance program that the federal government offers. It is only available to individuals who are at least 65 years old or those who a doctor diagnoses as disabled. Deductions from your earnings throughout your life fund the coverage from this program; you likely noticed these deductions when reviewing paystubs over the years.
Similar to non-federally mandated health insurance plans, Medicare requires policyholders to pay deductibles and monthly premiums. However, these expenses practically guarantee you coverage when you turn 65. The only requirement is that you have the necessary amount of work experience and credits.
Medicaid
Unlike Medicare, the state and local governments run Medicaid. As such, the rules and regulations for this program vary depending on where you live. For example, in Ohio, adults between the ages of 19 through 64 can only earn up to $1,823 per month to qualify for coverage. The state determines this number as being 138% of the federal poverty level. They will raise this threshold depending on the number of individuals in the household.
Another significant difference between the two is the age requirement. With Medicaid, you can apply for coverage no matter how old you are. The purpose of the program is to offer those with little to no income with affordable health care. After approval, the program will cover most of your services fully.
If you want to apply for Medicare, turn to Harris Insurance Agency in Centerville, OH. The representatives at this family-owned and -operated firm will work with you to organize your paperwork and file it correctly. Call (937) 387-6672 to schedule a consultation with a licensed agent.
