What is Medicare?
Medicare constitutes a program meticulously crafted to extend support to individuals within the United States who have attained the age of 65 or beyond and find themselves grappling with the intricate financial demands entailed by medical care and treatment. The principal objective of this initiative revolves around furnishing aid to elderly citizens and their families who are in quest of alleviation from the fiscal burden associated with their healthcare requisites. Notably, those below the age of 65 beset by specific incapacities may also qualify for the advantages proffered by Medicare, subject to the scrutiny of individual circumstances and the concomitant eligibility criteria.
Furthermore, individuals afflicted by advanced stages of renal afflictions garner entitlement to partake in Medicare’s offerings. The scope of the programme includes the population, which comprises people under the age of 65 who have specific disabilities as well as people who have specific illnesses like end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease. Original Medicare and Medicare Advantage are the two main modalities of Medicare, respectively.
Original Medicare
Original Medicare stands as a government-sponsored medical insurance choice frequently adopted by a significant number of elderly Americans as their main insurance. This option encompasses:
- Inpatient hospital services (Medicare Part A): Part A covers hospital stays, hospice care, and limited home healthcare and skilled nursing facility care.
- Outpatient Medical Services (Medicare Part B): Part B covers funding for services associated to a variety of health issues, including screening, diagnosis, and treatment.
Difference between Medicare and Medicaid
Medicare and Medicaid are government-sponsored programs in the United States that assist American residents in covering healthcare expenditures. These two programs, which were founded in 1965 and are funded by taxpayers, have similar-sounding titles, which could lead to confusion about how they operate and the coverage they provide. Medicare covers many people over the age of 65, as well as those with impairments. Income has no bearing on Medicare eligibility. Medicaid is meant for low-income persons and is typically utilized as a last resort for those who do not have access to other resources. Let us go through the specifics and significant differences between the two initiatives.
Table of Content
- What is Medicare?
- Medicare Advantage
- Difference between Medicare and Medicaid
- Difference between Medicare and Medicaid : Cost Wise
- Medicaid costs
- Difference between Medicare and Medicaid : Eligibility
- Difference between Medicare and Medicaid : Coverage Components
- Key Differences Between Medicare and Medicaid
- Is it Possible to Get Both Medicare and Medicaid?