What is the difference between Medicare and Medicaid?
Why does it matter that you know?
Put simply, Medicare is your earned benefit, not entitlement, of health insurance when you reach 65. Medicaid is an entitlement meant to help pay for the ravaging costs of long term care.
You’ve paid in all your life for Medicare. Part of the payroll taxes taken every paycheck go towards paying for Medicare making it an earned benefit. Medicare is broken down into parts. The parts you need to be concerned with are Part A, Part B, and Part D.
Part A is hospital insurance that covers inpatient services, labs, hospice, and skilled nursing. IT DOES NOT COVER LONG TERM CARE!
Part B is other insurance like ambulance rides, durable medical equipment, well care, and more.
Part D is drug insurance.
All of these parts have deductibles. You want to talk to a Medicare supplement specialist about what can be done to fill the holes and cover the deductibles. The good supplement plans are reasonably priced but cover most of the deductibles and holes in Medicare.
On the other hand, Medicaid is an entitlement meant to help those that can’t afford long term care pay for it. It was never meant to help those with their own money pay for long term care. But, with the help of an attorney versed in the law, you can preserve money for your spouse and family while qualifying for Medicaid.
We have ways of reallocating assets to help families qualify and not go broke paying for the nursing home.
Conclusion The Difference Between Medicare and Medicaid
There is a big difference between Medicare and Medicaid. It’s important you know the difference.
You don’t need to let your family go broke to pay for a nursing home. We can help you figure out how to preserve money and get the needed help.