The two names look and sound very similar. That’s confusing and unfortunate, because the two programs exist for very different reasons. But can you – and should you – depend on either to protect and provide for your future health? Let’s take a look:
Medicare is a government program that provides limited health insurance for people 65 or older, and those younger than 65 with certain disabilities. Eligibility for Medicare is not tied to financial need. It is an entitlement program paid for through Social Security taxes.
Medicaid provides extremely basic health coverage for low-income, financially dependent people. You have to qualify to receive it. Although Federal laws provide the basic outline for Medicaid, it is administered differently in every state.
Both Medicare and Medicaid have undergone changes recently, and with the advent of the Affordable Health Care Act, there will undoubtedly be more changes in the future.
If you believe Medicare will take care of you in your old age, think again. Medicare is for medical purposes. Yes, Medicare covers everyone, but we can’t rely solely on it. Medicare does NOT pay for Long-Term Care. Medicare and a supplement cover medical care, not any type of custodial care. And Medicaid comes into the LTC picture only for the impoverished.
No – it’s up to us. Up to you. Decide what is important to you and together we can map out a future plan to meet ALL your needs.
Ed and I work to help our clients keep their assets protected for whatever their future medical care needs may be. No matter what government program changes may occur, or what medical or financial challenges lay ahead, there is nothing that beats knowing you’ve planned carefully and knowledgeably for all possibilities.
Planning helps our clients rest easier. Ed and I rest easier too, knowing their best interests are being protected. ~ Elise