Medicare and Medicaid are government insurance programs designed to help cover healthcare costs. But, while these two programs may sound similar, they are very different indeed.
In this Elder Law Minute video, Wes Coulson, Illinois Elder Law attorney, clears up some common confusion as he explains the difference between Medicare and Medicaid.
The Difference Between Medicare and Medicaid
Hi, I’m Wes Coulson and this is your Elder Law Minute. Once of the most confused and confusing set of terms is Medicare vs. Medicaid. So, let’s talk about what the difference is.
Medicare and Medicaid are both government insurance programs, but they’re very different.
One (Medicare) is available regardless of assets or income to anybody who has reached age 65. That’s the good news. The bad news is that Medicare only pays for medical care, it doesn’t pay for custodial care, like you would receive in a nursing home.
Medicaid, by contrast, is available to people of any age, but It’s “means tested,” which means you would have to meet the asset and income limitations that are very strict. In the case of seniors, the big advantage is that unlike Medicare, Medicaid is available to pay for custodial care in a nursing home. Thanks.
For more about Medicare and Medicaid, visit these articles:
- 4 Myths about Medicare & Medicaid Long-Term Care Coverage
- Medicare Limited Benefits and Long-Term Care Requirements
- When it comes to Long Term Care – When you run out of money, you run out of options
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