Discover Facts About Medicaid

The differences between Medicaid and Medicare are frequently confused. Though their names are similar, Medicare and Medicaid are quite different. Medicare is an entitlement program, a federal health insurance program in which most people enroll when they turn 65 years old. There are no financial qualification rules. Medicare has two primary parts: Part A and Part B.

Medicare Part A covers in-hospital care, extended care after a hospital stay, some home health care services, and hospice services. The rules for nursing home coverage are very strict, in fact, Medicare pays for less than 9 percent of nursing home care in this country.

Medicaid is a joint federal/state program. Subject to certain federal requirements, each state implements its own regulations on how the program is managed. Medicaid is not an entitlement program like Medicare. Medicaid eligibility is determined after the proper application is submitted to the state.

To qualify for Medicaid, you must not exceed certain income and asset limits. If your income or assets exceed the qualifying limits, you will not be eligible to receive Medicaid.