Medicare v. Medicaid | Chicagoland Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

A brief reminder on the basic logistics of Medicare and Medicaid, and the differences between them:

Medicare and Medicaid sound similar, but are very different programs.  Often times, people tend to confuse one with the other.  Medicare provides healthcare benefits for people who are older than 65 years old, blind, or disabled; Medicaid provides medical benefits for the impoverished.

Here’s a quick rundown on the differences between Medicare and Medicaid:

Medicare:

    • Health insurance for seniors 65 and older
    • Federally controlled, nationwide uniform application
    • Covers no more than 100 days of nursing home care
    • Covers primary hospital care and related medical services

Medicaid:

    • Needs-based health care program
    • Differs state by state with different regulations in each part of the application process
    • Covers long-term care costs
    • Covers medication costs
    • Must meet income and asset limits, be 65 or older, disabled, or blind in order to be considered eligible

Don’t be caught off guard by the differences in these two programs.

-Anthony B. Ferraro