While many people in Oklahoma use the terms “Medicare” and “Medicaid” interchangeably, they’re actually two different programs that apply to different groups of people. If you’re planning for the future or need to get low-income insurance, it’s important to know which program is for you. Here’s a rundown on the differences between Medicare and Medicaid.
Which option do you qualify for?
Medicaid is a taxpayer-funded program that helps low-income people pay for health care. To qualify, you can’t make more than the maximum income limit. Medicaid helps you pay for various expenses like doctor’s visits, hospital stays, X-rays, medication and other medical costs. Unlike Medicare, anyone who meets the income requirements can get on Medicaid regardless of their age.
Medicare is more relevant for people who deal with elder law issues. If you worked and paid into Social Security for most of your life, you might qualify for Medicare when you turn 65. Medicare is an insurance program that helps elderly people pay for medical costs. If you didn’t pay into Social Security, you could buy Medicare when you turn 65. An elder law attorney could offer more advice on planning from the future.
If you haven’t reached the age of 65, you might qualify for Medicare if you’re disabled or currently undergoing dialysis. In any case, Medicare offers four parts, each with its own set of coverage. Depending on your financial situation, you might have to pay a deductible for your insurance.
When should you start thinking about the future?
Even if you’re confident that you’ll qualify for Medicare when you turn 65, it’s still important to start planning for the future while you’re relatively young and healthy. With your attorney’s help, you could start thinking about collecting benefits, securing health insurance, planning for Social Security and more.