Medicare and Medicaid sound similar, and some may confuse one with the other. However, there are certain distinctions to be aware of, as not everyone can qualify for both programs. This will go over how these two are different and what you can do if you qualify for both.
Where Do Medicare And Medicaid Come From?
Medicare is a federal health insurance program, while Medicaid is a joint state and federal health insurance program. You can join Medicare by contacting a Social Security office, but if you want to join Medicaid, you’ll have to join via your state’s Medicaid office.
How Do I Qualify For Medicare?
To qualify for Medicare, you must meet one of the following criteria:
- Being 65 years old or older
- Receiving disability benefits for 24 months or more (if under 65)
- Having amyotrophic lateral sclerosis (ALS) or End-Stage Renal Disease (ESRD)
How Do I Qualify For Medicaid?
You can join Medicaid if:
- You meet your state’s requirements for income and resource levels
- You have a disability
The federal government mandates that low-income families, those receiving Supplemental Security Income (SSI), and qualified pregnant women and children have to be covered under Medicaid in every U.S. state.
If you meet your state’s requirement for resources (like money in bank accounts, stocks, and bonds), but your annual income is too high, you may have the option to “spend down”, meaning you can spend a certain amount on non-covered services and other expenses until your income is low enough to match the income requirement.
Can I Have Medicare And Medicaid At The Same Time?
You can have both. In fact, this will make your Medicare coverage even more affordable, because depending on your state and the level of help needed, you may not have to pay any Part A and/or Part B-related costs, such as premiums, deductibles, and coinsurance.
Having Medicaid also qualifies you for Medicare Extra Help, which provides greater savings for prescription costs. With Extra Help, your generic medications may cost no more than $4.15, and brand name medications will be $10.35 at most.
You may also enroll in a Dual-Eligible Special Needs Plan (D-SNP) through Medicare Advantage, which bundles your inpatient and outpatient coverage, as well as providing other benefits that Original Medicare doesn’t cover such as dental, vision, and hearing.
To Learn More
Contact JA Agency today for more information about what policy will work best for you. We’re devoted to finding an affordable policy that covers everything you need. To find out more, call us today at (551) 795-1229.