Medicare vs Medicaid – What’s The Difference? (Which Health Program Is Right For You?) [Video]

Medicare vs Medicaid – What’s The Difference? (Which Health Program Is Right For You?). In this comparison video I will talk about Medicare vs Medicaid.

So, the main difference between them is eligibility.
Medicare is federal health insurance that serves only people above the age of 65 years and those with disabilities. It covers members from any state of the U.S. with a standard cost and coverage, which makes the coverage the same. Medicaid, on the other hand, is a federal and State partnership medical program that helps settle medical costs for people with low income and resources. It is limited to only the State where you live and cannot cover you outside your State. Though it has limited coverage, Medicaid is better because of the easy eligibility.

Cost.
When you enroll in Medicare, you are expected to share the cost of care from premiums, co-insurance, or deductibles. You can, however, get subsidies from the medicare savings program if you have low income to be able to pay these costs. For Medicaid, you do not pay any Cost to the State if you are below the 150% poverty level of the federal State or your gross out-of-pocket income does not surpass 5% of the family’s income. Medicaid, therefore, is more affordable.

Program administrator.
Medicare is administered by the federal government and has the same standard coverage in all the states, while Medicaid is administered jointly by the individual states and the federal government. However, each State has its own Medicaid rules. Medicare, therefore, is more reliable to cover you in all states.

But do they have any similarities?
Yes. They both offer medical cover to needy individuals to help them access medical services. Senior citizens, people with disabilities, and people with limited income are all needy and may fail to get medical services if they do not have medical coverage.

To sum up, how do they compare? Medicare vs Medicaid
I like that Medicare covers you in all states, with the same standard cost. However, the age qualification is unfavorable to persons who may need the coverage but fall below that age. On the other hand, even though Medicaid is state-specific, I find more medical benefits in it, especially having no cost sharing. You can also be a member of both Medicare and Medicaid when you are 65 years and above and a beneficiary of Medicaid. I, therefore, choose Medicaid as the overall better option.

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