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Business Basics: Medicare vs. Medicaid

January 23rd, 2014

Medicare and Medicaid are public heathcare programs that were created in 1965, and are both funded by taxpayers. Medicare exists to help the elderly cover long-term health expenses. Medicaid is designed to help low-income Americans afford healthcare. These eligibility requirements are the main differences between the two.

Medicare is available to all U.S. citizens age 65 or older, and to individuals with certain disabilities. It has no income restrictions, and is a federal program only.

Medicaid is only available to individuals who meet certain eligibility requirements which differ from state to state. Recipients typically have less than a few thousand dollars in liquid assets. Medicaid may favor families, children, pregnant women, the disabled and the elderly before the low-income class.

– Information compiled by Anthony Ahlegian