Medicare is federal health insurance for every American 65 years of age or older. It covers acute episodes, such as hospitalization and rehabilitation after leaving a hospital. Like all insurance policies, it does not cover all the expenditures. That’s why many will purchase supplemental or “Medigap” insurance to cover co payments and deductibles. In addition, this supplemental insurance can be used to pay for non-covered expenditures such as prescriptions. In general, Medicare does NOT pay for long-term care — either in nursing homes or in an assisted living community. For more information on Medicare, please visit the Medicare website at http://www.cms.hhs.gov/medicare. Additional information on Medicare and Medigap is also available from SHIIP.
Medicaid is a state-managed healthcare and long-term care program for the financially needy. Typically, those with low income and very few assets are eligible for Medicaid. In most states, Medicaid will pay for nursing home care and some have the option of remaining in their homes and receiving in-home services. For more information, please visit the Medicaid website at http://www.cms.hhs.gov/medicaid