Health Insurance: Medicaid, Medicare, Plans
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Understanding Health Insurance Basics
Medicaid vs. Medicare
Medicaid: Medical assistance for low-income persons or families. This is "means-tested," meaning eligibility is based on income.
Medicare: Health insurance for those aged 65 and older, certain individuals under 65 with disabilities, or those with End-Stage Renal Disease. Funded by employer-employee taxes from paychecks.
Medicare Parts
- Part A: Hospital Insurance
- Part B: Medical Insurance (includes options like HMO, PPO, fee-for-service)
- Part D: Prescription Drug Coverage
Medigap (Medicare Supplemental Insurance)
Private insurance plans designed to fill in "gaps" not covered by Medicare.
→ Each policy typically covers one person.
Limits Set by Insurance Companies
- Per Claim Maximum: The maximum