Aug 20, 2015 - 07:49 AM
Aug 20, 2015 - 09:11 AM
Medicare is a federal insurance program, primarily serving individuals over 65 years of age, regardless of their income. Medicare is not a free program. Patients pay part of the costs through deductibles for hospital bills and are required to pay monthly premiums. Medicare is split into four programs, Part A–Hospital Insurance, Part B—Medical Insurance, Part C—Medicare Advantage, and Part D—Medicare Prescription Drug Coverage. In order to have coverage under the four parts, an individual is required to pay premiums for each.
If an individual cannot afford the cost of the Medicare premiums, Medicaid is a second option. Medicaid is a state-run assistance program, based on serving low-income people of every age. Eligibility for Medicaid is based on personal income and assets. If a person has limited assets (less than $2,000) or is blind or disabled by Social Security Administration or Division of Medical Assistance, Medicaid covers a broader spectrum of services compared to Medicare. For instance, Medicaid does cover services not normally covered by Medicare, like long term support (nursing home costs) and services and personal care services. Because Medicaid is a state and local run financial assistance program, eligibility varies from state-to-state. The best way to find out if you are eligible is to contact your state’s Medicaid office at www.medicaid.gov. The discrepancies between states eligibility requirements regarding Medicaid is why contacting your attorney is important. Due to the important nature of selecting a Medicare or Medicaid program, it is advisable to contact your lawyer in your state for additional assistance.
Source: Answer provided by Jeffrey Puff, Esq., Puff & Cockerill LLC, Woodbury, NJ