We get a lot of clients who ask what the difference is between Medicare and Medicaid. Cosmo Insurance is knowledgeable on all aspects of Medicare and Medicaid. Medicare and Medicaid are both government sponsored programs that help cover healthcare costs. With both being tax-payer funded, they are still very different programs and require different eligibilities. In short, Medicare helps with long-term care for the elderly while Medicaid covers healthcare cost for the poor.
Medicare is available to all US citizens ages 65 years and older, and also covers people with certain disabilities. Medicare is a four-part program. These four parts are: hospitalization coverage, medical insurance, privately purchased supplemental insurance that provides additional services and through which all Medicare services offered by Part A and Part B can be accessed, and prescription drug coverage.
Medicaid is a government funded program that helps low-income families and individuals pay for the cost of healthcare. Medicaid has strict eligibility requirements. Because Medicaid is different in every state, the requirements do vary. The program is designed to help the poor so requirements usually are that the recipients have no more than a few thousand dollars in liquid assets.
Cosmo Insurance knows what is best for every individual. Contact us with any questions you have on health insurance or life insurance. 732-363-3888.