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Medicaid
A State and Federal Government program that pays for certain health services and nursing home care for older people with low incomes and limited assets. Who is eligible and what services are covered vary from state to state. Most often, eligibility is based on your income and personal resources.
Medicare
Medicare is our country’s health insurance program for people age 65 or older and certain people with disabilities. It provides basic protection against the cost of health care, but it doesn’t cover all medical expenses or the cost of most long-term care.
Medicare includes two parts:
- Hospital Insurance (Medicare “Part A”): Helps pay for inpatient care in hospitals and skilled nursing facilities (following a hospital stay), some home health care, and hospice care; and
- Medical Insurance (Medicare “Part B”): Helps pay for doctors’ services, and many other medical services and supplies that are not covered by hospital insurance. These include laboratory services, home health care, outpatient hospital services, blood and preventive services, among others.
You may think that Medicaid and Medicare are two different names for the same program. Actually, they are two different programs. Medicaid is a State-run program designed primarily to help those with low income and little or no resources. Each State has its own rules about who is eligible and what is covered under Medicaid. Some people qualify for both Medicare and Medicaid.
Medigap
Medigap insurance is designed specifically to supplement and complement Medicare’s benefits by filling in some of the gaps of Medicare coverage. Medigap insurance policies are non-group policies that may pay for Medicare deductibles, prescription drugs, or other services not covered by Medicare.
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