Medicare and Medicaid – What is the Difference?
In short, Medicare is a medical insurance program for people over 65 or people under 65 with certain disabilities. Medicaid is a medical assistance program for low-income patients.
What is Medicare?
Medicare is a federal health insurance program run by the Centers for Medicare & Medicaid Services (CMS), an agency of the federal government. Medicare is funded by the taxes you pay into it, which is run by the Social Security Administration.
For more information regarding Medicare and its components, please go to http://www.medicare.gov.
What is Medicaid?
Medicaid is a joint federal and state assistance program. It serves low-income people of every age. Patients receive help with costs for covered medical expenses. Medicaid is funded by the Federal Medical Assistance Percentage (FMAP). States are guaranteed at least $1 in federal funds for every $1 in state spending on the program.
For more information on Medicaid, please go to http://www.medicaid.gov
Is Medicare and Medicaid Available in Every State?
Medicare and Medicaid are available in every state within the United States. However, plans, coverages and access to physicians will vary from State to State. It is important to discuss with your insurance agent for Medicare if you are planning to travel or reside in more than one location. Medicaid coverages by State can be discussed with CMS or on medicaid.gov
How to Enroll in Medicare
You may enroll in Medicare if you are aging in (turning 65) or have been receiving social security benefits for two years. When you age into Medicare you will first enroll in Medicare Part A and Medicare Part B with the social security administration. Once you have received your Medicare card, you can then make an appointment with a Bancorp Insurance agent to review your medications, medical needs, and physicians. This review will allow you to see potential options to decrease your out-of-pocket costs by enrolling in a Medicare Supplement Plan or Medicare Advantage Plan.
How to Enroll in Medicaid
To enroll in Medicaid, you must first determine your eligibility. Each state has different eligibility criteria. You can contact your state office for all state-related Medicaid questions or visit healthcare.gov to learn more.
Once you have determined eligibility you can enroll at healthcare.gov and select a plan that is best for you. In Oregon, the website is Oregon Plan Comparison Tool 2021 (checkbookhealth.org)
Bancorp’s insurance agents are available to provide you with a free review and consultation. Contact Us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.
