What is Medicare?
Medicare is a federal health insurance program that pays benefits to those aged 65 and older, disabled workers and other qualified individuals. It's a social insurance program. You're entitled to benefits because you pay into the Social Security system during your working years. The program includes hospital insurance (Part A) and supplemental medical insurance (Part B). Part A covers inpatient hospitalization, some home healthcare visits and limited post-hospital care. Part B covers physician care, outpatient care, certain home health visits and other medical services.
Who is covered under Medicare?
Medicare covers all who qualify, regardless of age, medical condition or ability to pay. At the age of 65, you qualify for Medicare Part A if you or your spouse paid into Social Security or the Railroad Retirement system for at least ten years. You automatically qualify for Part B when you turn 65. Certain younger people with disabilities may also qualify for medicare benefits and supplemental policies. 1
What is Medicaid?
Medicaid, the state health insurance program, is only available after you have exhausted all of your financial resources. Some people choose to "spend down" all of their financial resources until they are eligible to receive Medicaid benefits. |
