MEDICARE V. MEDICAID
It probably comes as no surprise that people often confuse the benefits offered by Medicare with those offered by Medicaid. Below are a few distinguishing characteristics about each program.
Who and what is covered:
Medicare is a health-care benefit provided by the federal government to individuals over age 65, or under age 65 and disabled. Medicare covers doctor visits, tests and care provided in a hospital setting, and limited benefits in a nursing home. In most instances, Medicare will only pay for 20 days in a nursing home.
Medicaid is a public assistance program that provides health care insurance for the needy. To qualify, you must not exceed certain income and asset limits. Medicaid will cover all of your nursing home costs if you qualify.
How to qualify:
To qualify for Medicare, you must be over 65, and eligible for Social Security benefits. You may also qualify if you are under age 65 and have been disabled for two years. An application at the Social Security office will get your benefits started.
To qualify for Medicaid, you must submit a multiple-page application and provide detailed proof of all of your financial transactions (banking, CDs, stocks, bonds, income, expenses, annuities, etc.) for the previous 60 months.
