Medicare vs. Medicaid: Costs
Medicare’s cost depends solely on the plan you choose to enroll in. For example, for many, Medicare Part A has no premium. However, Medicare Part B’s average monthly premium is $144.60. There are also other out-of-pocket costs to take into consideration with Medicare, such as deductibles and copayments.
For Medicaid, a monthly premium may not be required at all. However, it could be required if you also receive Social Security benefits, in which the deduction will be taken from.
Medicare is also a federal program, whereas Medicaid is a joint state and federal program.
Medicare vs. Medicaid: Eligibility
With Medicare, you’re eligible when you’re 65. You’re also eligible if you have been receiving Social Security or Railroad Retirement Board benefits. You are also eligible if you’ve been getting disability benefits for 24 months.
Medicaid is based on your income. Your state determines how low one’s income must be before deeming them eligible for Medicaid. Your income is assessed based on your Modified Adjusted Gross Income (MAGI).
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Medicare vs. Medicaid: Services covered
There is some overlap in the services covered for Medicare and Medicaid. Just like how Medicare Part A offers coverage for hospital costs, Medicaid does the same. Medicaid also covers care in skilled nursing facilities. Doctor’s office appointments are also an example of what Medicaid covers.
States have a choice in what additional benefits their respective Medicaid programs offer. These may include eye exams, dental care, coverage for prescriptions, and physical therapy. Because each state is different, it is best to check with your state to see what its Medicaid program offers.
Medicare and Medicaid: Dual Coverage
If you qualify for both Medicare and Medicaid, you will be able to get coverage from both. Your costs will be much lower as a result. If you have any questions on Medicare and Medicaid, call us today.
