Medicare Vs. Medicaid: Know the DifferenceAugust 07, 2017
Even though they sound similar, Medicare and Medicaid are not the same. In order for you to make the most of your benefits, it’s important to understand the differences. This infographic illustrates what you need to know about Medicare versus Medicaid.
The names sound very much the same. Both are run by the Centers for Medicare & Medicaid Services (CMS) and they currently cover approximately 100 million people, but Medicare and Medicaid are very different. In order for you to make the most of your benefits, it’s important to understand the differences.
According to the U.S. Department of Health & Human Services, here’s what you need to know about Medicare versus Medicaid.
- Understanding Medicare
- What it is: Medicare is a federal insurance program.
- Who it’s for: People over the age of 65, regardless of income. Medicare is also for younger disabled people and kidney dialysis patients.
- Who pays for it: It is funded to cover your medical bills from two trust fund accounts paid for mainly by payroll taxes from employees, employers, and the self-employed.
- What you pay: You pay deductibles to cover your part of the costs, and pay low monthly premiums for coverage that is not hospital-related.
- Understanding Medicaid
- What it is: Medicaid is an assistance program.
Who it’s for: Anyone who is designated “low income” and falls into any of the following categories:
- Adults 65 or older
- Children under 19 years old
- Pregnant women
- Those living with a disability
- A parent or adult caring for a child
- An adult without dependent children (in certain states)
- An eligible immigrant
- Who pays for it: Medicaid is both a federal and state-run program. Each state’s program is different when it comes to eligibility and applying.
- What you pay: Care is basically free, although some people may pay a very small copayment.
Now that you have an understanding of Medicare vs. Medicaid, you can help ensure that you make the best decisions about your healthcare now and in the future.
Anthem Blue Cross and Blue Shield is the trade name of: In Colorado: Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc. In Connecticut: Anthem Health Plans, Inc. In Indiana: Anthem Insurance Companies, Inc. In Kentucky: Anthem Health Plans of Kentucky, Inc. In Maine: Anthem Health Plans of Maine, Inc. In Missouri (excluding 30 counties in the Kansas City area): RightCHOICE® Managed Care, Inc. (RIT), Healthy Alliance® Life Insurance Company (HALIC), and HMO Missouri, Inc. RIT and certain affiliates administer non-HMO benefits underwritten by HALIC and HMO benefits underwritten by HMO Missouri, Inc. RIT and certain affiliates only provide administrative services for self-funded plans and do not underwrite benefits. In Nevada: Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc., dba HMO Nevada. In New Hampshire: Anthem Health Plans of New Hampshire, Inc. HMO plans are administered by Anthem Health Plans of New Hampshire, Inc. and underwritten by Matthew Thornton Health Plan, Inc. In Ohio: Community Insurance Company. In Virginia: Anthem Health Plans of Virginia, Inc. trades as Anthem Blue Cross and Blue Shield in Virginia, and its service area is all of Virginia except for the City of Fairfax, the Town of Vienna, and the area east of State Route 123. Anthem Blue Cross and Blue Shield and its affiliate HealthKeepers, Inc. In Wisconsin: Blue Cross Blue Shield of Wisconsin (BCBSWi), underwrites or administers PPO and indemnity policies and underwrites the out of network benefits in POS policies offered by Compcare Health Services Insurance Corporation (Compcare) or Wisconsin Collaborative Insurance Corporation (WCIC). Compcare underwrites or administers HMO or POS policies; WCIC underwrites or administers Well Priority HMO or POS policies. Independent licensees of the Blue Cross and Blue Shield Association. ANTHEM is a registered trademark of Anthem Insurance Companies, Inc. The Blue Cross and Blue Shield names and symbols are the registered marks of the Blue Cross and Blue Shield Association.
This information is not a complete description of benefits. Contact the plan for more information. Limitations, copayments, and restrictions may apply. Benefits, premiums and/or co-payments/co-insurance may change on January 1 of each year. You must continue to pay your Medicare Part B premium.
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