Medicare is defined as insurance for people over 65 and people with certain disabilities. Medicare is divided into four parts: Parts A, B, C, and D.
Medicaid covers individuals such as those with low income, pregnant women, children, the elderly, or those with disabilities. You may have Medicare and Medicaid at the same time.
Medicare Plans
Medicare plans are divided into four sections: Part A, Part B, Part C, and Part D. You have the option of enrolling into Original Medicare, which includes Part A and B, Medicare Advantage (Part C), or Medicare Part D, which is a prescription drug coverage plan that can be a stand-alone plan or included in a Medicare Advantage plan as an added benefit.
You also have Medigap plans, which cover areas that your Original Medicare plan does not, such as deductibles or coinsurance.
Medicare Part A covers hospital and hospice expenses. It helps pay for inpatient hospital stays and stays in professional nursing facilities. It also aids with home health care. Many people enrolled in Medicare Part A have premiums of $0 because they, or their spouse, worked for at least 10 years paying taxes.
Medicare Part B is also known as outpatient medical coverage. Part B covers all the lab work, treatments, preventative services, and scans or surgeries. You would also be without coverage for routine doctor visits or sick visits. Medicare Part B does come with a premium. Social Security decides your premium, and those with higher incomes pay higher premiums as compared to those with lower incomes, but the national average premium varies each year.
Medicare Part C plans are also known as Medicare Advantage (MA) Plans. Medicare Advantage Plans already include coverage from Parts A and B, and usually has Medicare Part D bundled into it as well. These plans also typically include what Original Medicare does not, such as vision, dental, and hearing coverage.
Medicare Part D is prescription drug coverage. You are eligible to receive Extra Help with prescription coverage costs if enrolled in Medicare Part D.
Medicaid
Medicaid is a combined state and federal program that pays for those medical services that are necessary. To qualify for Kansas Medicaid, also known as Kansas Medical Assistance Program (KMAP), for example, you must fall under one of the following categories:
- Pregnancy
- Be responsible for someone 18 years or younger
- Blindness
- Have a disability or have someone in your home who has a disability
- Be 65 years or older
You also have certain income criteria you must meet.
Medicare and Medicaid may be used together for those who qualify for both. If this is the case, you can enroll in a Medicare Advantage Dual-Eligible Special Needs Plan (D-SNP).
Get The Coverage You Need Today
While they do have similarities, Medicare and Medicaid are not the same. But, if you are eligible to join both programs, then reach out to Cornerstone Senior Advisors today. We can help you enroll in a D-SNP so you can enjoy the benefits of both Medicare and Medicaid!