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Understanding the differences between Medicare and Medicaid is essential if you hope to get the medical coverage you need. While these programs may seem similar, there are quite a few differences that consumers should know to make an informed decision. Below is more insight into which option will best address your health care needs.

Medicare vs. Medicaid: Which One Is Right for You?

Medicare

Medicare is a federally mandated health insurance program that is eligible to people 65 and over. Those younger than 65 may also be eligible if they’re disabled. It’s funded by contributions made over time by those who are covered, which are taken directly from earnings.

MedicareMuch like other health insurance plans, people on Medicare will be required to pay deductibles for services rendered, as well as small monthly premiums. Provided you have the right amount of work credits when you turn 65, you’ll meet Medicare eligibility, no matter your income level.

Medicaid

There are no age requirements when it comes to Medicaid, as it’s designed to help people with little to no income so that they can afford health care. While patients may occasionally be responsible for co-payments, in most cases health care services are fully covered by the program. Both state and local governments are involved in providing Medicaid, which means that the details can vary based on where you live.

In Colorado, Medicaid eligibility is determined by income level. Individuals or families that fall under the Federal Poverty Level (FPL) by a certain percentage will be deemed eligible to receive funding. For instance, people with a dependent child and a household income that is less than 133 percent of the FPL qualify for Medicaid.

 

No matter your age or income, you deserve quality health care. That’s why Mary Marshall Medicare - Independent Broker offers common-sense guidance to applicants in Lakewood, CO, who are confused about how to properly navigate the process. Her office can help you locate the best Medicare coverage for your needs, while also lending assistance with filling out forms and compiling information. Learn more about how to properly apply for Medicare benefits by calling (303) 241-6665 today. You can also visit her online for more information on the complete listing of services.

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