What are Medicare and Medicaid? Is there any difference?

You’ve got so many questions. We’ll give you answers.

Q: What are Medicare and Medicaid? Is there any difference?

A: Yes, these two programs are very different.  Medicare, a completely federal program, was established to provide low-cost health coverage to individuals over the age of 65 or with a disability.  Few people receive assistance for long-term care from Medicare. 

Medicaid was designed to provide low-income individuals medical and long-term care assistance.  To qualify for Medicaid assistance, one must fall within certain asset and income limits and asset transfer requirements. 

Unlike Medicare, Medicaid is a joint federal and state program; therefore, Medicaid requirements vary from state to state.  Individuals who qualify for Medicaid can receive financial assistance for nursing home/long-term care, for Assisted Living or at home care.  Medicaid eligibility requirements and restrictions often change and it is important to seek out an elder law attorney who is familiar with the current status of the law.

Posted about General in our FAQs section.