How Is Medicaid Different From Medicare Insurance?

 

Although they may sound alike, Medicare and Medicaid are entirely two different insurance plans to cover your medical expenses and healthcare bills. The latter is a public assistance healthcare program that allows low-income Americans pay off their medical bills, irrespective of their age.

Meanwhile, Medicare insurance is an age-based healthcare program providing coverage to people above 65 years. However, younger individuals with certain disabilities can also benefit from this program. So, how are the different?

 

What Is Medicaid?

Medicaid is a public assistance program designed for people with financial needs. It pays off your medical bills using public funds collected in the form of income taxes. According to a survey, around 18% of the American population consumed Medicaid to pay their medical bills.

It provides healthcare to low-income people, regardless of what their age is. However, the benefits vary from state-to-state; therefore, Federal guidelines apply on each of these programs. Nevertheless, process is too long to join this medical assistance program.

You may even need to undergo extensive medical screening and provide past documentations and financial statements. Even after that, it will take weeks or even months to become eligible for the program.

Although the rate of out-of-pocket fees may vary as per state but certain groups of individuals are exempted from these charges, including children and people in an institution.

Who Can Apply For Medicaid?

As long as you have financial needs, Medicaid will keep you covered. You can qualify for the program if you fall in one of the discussed below groups:

1.       Pregnant Women: If you are an expectant mother, either single or married, and fit the income requirement

2.       Single Parent of Minor or Teenager: If you are a parent of a sick child under the age of 18 and have financial needs

3.       Aged, Blind or Disabled: If you are above the age of 65 but unable to afford insurance policies and People with medical needs can also apply for Medicaid, irrespective of their age

4.       Low-Income Individuals: People who have low-income can also get Medicaid. However, check with your state’s agency to learn about the requisites.

What Is The Income Requirement For Medicaid?

Medicaid Income standards are based on Federal Poverty Level. The details are typically present in the guidelines of the program. You could even qualify as a medically needy person under the Medicaid program, if you have greater healthcare expenses compared to your income.  However, the rules for such cases vary from state-to-state.

In addition to your income, assets will also be calculated to measure your eligibility. Countable assets include stocks, savings, bonds, funds, property other than the primary residence and additional vehicle. If you qualify for Medicaid, you can receive coverage of $2000 as an individual and $3000 as a couple.

What Does Medicaid Offer?

Although the Medicaid benefits vary by state but the standard coverage remain consistent throughout the country. They comprise of in-patient and outpatient hospital bills, nursing facilities and in-home health care, lab diagnosis, transportation to health facility and certain counseling programs for pregnant women.

Medicaid could be a great option for those looking for Cigna Medicare Supplement Insurance but are unable to afford it. For further details, you can visit our website Health Exchange Agency and explore more options to find the one that works well for you.