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How does Medicare differ from Medicaid?

One of the most important things for aging and elderly individuals is healthcare. After retiring and taking a significant drop in monthly income, many people struggle when they begin to realize that their monthly healthcare costs may end up being higher than they could ever have imagined. In order to compensate the sudden spike of health care costs that many elderly individuals receive, the federal government has implemented two plans to help offset the costs: Medicare and Medicaid.

People often hear these two words used in the same phrase or sentence, but not everyone understands the specific differences between the two. The most basic difference is that Medicaid is generally for lower-income individuals of all ages who struggle to afford healthcare. On the other hand, Medicare is a program in which people mostly get back what they pay in. Typically, people can begin to use Medicare when they reach the age of 62, but there are circumstances that could allow younger people to also qualify.

On a more specific level, it is important to note that Medicaid is administered by states, meaning that depending on the state you live in, the care and coverage you receive may differ. Knowing the amount of coverage you receive is vital in planning out the health care costs of your later years in order to prevent these costs from coming out of assets that you had planned to leave behind for loved ones.

As you grow older and require more healthcare, it will become increasingly important that you continue to receive the benefits that Medicare offers, which is why it is a good idea to consider enlisting the aid of an attorney. Legal counseling can help you plan out Medicaid spending and ensure that you continue to qualify for the financial support that you so desperately need.

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