Medicare and Medicaid are two very different programs, but both can be
invaluable to older individuals. The requirements for eligibility differ
between the two programs, and there are other differences that are important
to keep in mind. It is possible that you may be eligible for both programs,
or only one or the other. Learn the differences between Medicare and Medicaid.
Medicare is available to almost anyone age 65 or older, certain individuals on
Social Security disability, and some people with permanent kidney failure.
It is a federally administered, so the laws are the same in every state.
Information about the program is available through the Social Security
office. Medicare coverage comes in 3 forms:
Medicare Part A: Hospital insurance, which provides basic coverage for hospital stays, post-hospital
nursing facilities, and home health care.
Medicare Part B: Medical insurance, which pays most basic hospital and laboratory costs,
and some outpatient medical services. These can include some medical supplies
and equipment, home health care, and physical therapy.
Medicare Part D: Prescription drug coverage, which pays part of the cost of prescriptions.
Medicare Part A and B require a yearly deductible and often require hefty
copays. Part D requires monthly premiums, deductibles, and copays. Your
medication insurance also has a yearly cap on the amount that will be paid.
Medicaid is coverage for low-income and financially needy individuals, including
those who are covered by Medicare. The program is administered by the
state, so the rules vary between states. Information about Medicaid should
be available from your county’s social services, welfare office,
or department of human services office. Medicaid provides comprehensive
inpatient and outpatient services, including services not covered by Medicare,
such as prescriptions, diagnostic and preventative care, and vision services.
Medicaid can also help you pay your Medicare premiums. You may receive
small charges for certain services.
The Moodie Law Firm, we are committed to helping our clients prepare for the future, including
planning for Medicare and Medicaid. Our Denver
elder law attorneys are well-versed in the legal aspects of growing older, and we
can help you plan your care and future needs. Don’t wait to learn more.
Contact our offices to schedule an
initial consultation. Call our team by dialing (303) 578-3940.