Welcome to professrsavings.com, we teach finance basics.
Today we will teach you difference between medicare and medicaid in about two minutes.
Medicare and Medicaid are often confused with one another this because they are both public healthcare programs.
After all, they do sound alike.
Bit of history.
U.S. government created both of them in 1965 and both are funded by taxpayers.
Medicare and Medicaid are aimed at different population segments.
Medicare exists to help the elderly cover long-term health expenses.
Medicaid is designed to help low-income Americans afford healthcare.
Remember, CARE-ELDERLY. CAID-LOW INCOME.
Medicare is available to all U.S. citizens age 65 or older or disabilities.
Medicaid is only available to people who meet certain eligibility requirements which differ from state to state but intent to help lowest income classes.
Take a note on this.
Medicare has no such income restrictions, meaning that the wealthiest Americans can receive the same Medicare coverage.
Eligibility requirements for Medicaid may give preference to families, children, pregnant women, the disabled and the elderly over this low-earning individuals.
Medicare is a federal-program only while Medicaid is a joint program between state and federal governments.
Medicaid and Medicare mainly differ in eligibility requirements, but they combine to make healthcare affordable to millions of Americans.