Aren’t Medicare and Medicaid Basically the Same?
Those who are unfamiliar with Medicaid and Medicare often use the names interchangeably and/or assume they are the same program. Medicaid and Medicare are two distinct programs, although they both offer healthcare benefits. Like Medicaid, Medicare is funded by the U.S. government but is also administered by the federal government. The more important difference between the two programs is that Medicaid is a “needs-based” program, meaning you must demonstrate a financial need for the benefits to qualify. Medicare, on the other hand, is an entitlement program, meaning that if you paid into the program during your working years, you are automatically entitled to benefits when you turn 65.