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Medicare & Medicaid Basics

Understanding the health insurance programs that cover your aging parent

Parent Care Guide © 2026

The Big Picture

Two different programs with similar names

Medicare

  • Federal program (same everywhere)
  • Based on AGE (65+) or disability
  • Everyone who qualifies gets it
  • Covers medical care
  • Has premiums, deductibles, copays
  • Does NOT cover long-term care/nursing homes

Medicaid

  • State program (varies by state)
  • Based on INCOME (low income)
  • Must qualify financially
  • Covers medical care + more
  • Usually free or very low cost
  • DOES cover long-term care/nursing homes

The Most Important Thing to Know

Medicare does NOT pay for long-term nursing home care. Many families assume it will. It won't. Medicare only covers short-term skilled nursing after a hospitalization. For long-term care, options are: pay privately ($8,000-15,000/month), have long-term care insurance, or qualify for Medicaid.

Medicare Explained: The Parts

Part A: Hospital Insurance

Covers inpatient hospital stays, skilled nursing facility (short-term), hospice, some home health. Usually premium-free if you paid Medicare taxes while working.

Part B: Medical Insurance

Covers doctor visits, outpatient care, preventive services, durable medical equipment. Monthly premium (about $175/month in 2024, deducted from Social Security). 20% copay after deductible.

Part C: Medicare Advantage

Private insurance that combines Parts A & B (and usually D). Often includes extra benefits (dental, vision, hearing). May have lower costs but restricted networks. Alternative to Original Medicare.

Part D: Prescription Drug Coverage

Covers prescription medications. Separate monthly premium (varies by plan). Has a "donut hole" coverage gap. Must sign up during enrollment periods or face penalties.

Medigap (Medicare Supplement) Plans

If your parent has Original Medicare (Parts A & B), they can buy a Medigap policy from a private insurer to cover copays, deductibles, and other gaps. Helps with that 20% copay Part B doesn't cover. Cannot have Medigap with Medicare Advantage.

Medicaid Explained

The safety net for long-term care

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Who Qualifies for Medicaid?

Requirements vary by state, but generally:

Note: Many people who weren't previously low-income become eligible after they "spend down" assets on care. This is where Medicaid planning comes in.

The 5-Year Look-Back Rule

When applying for Medicaid, the state looks at financial transactions for the past 5 years. Giving away money or assets during this period can result in a penalty period where Medicaid won't pay for care. Don't give away assets without consulting an elder law attorney first.

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What Medicaid Covers (That Medicare Doesn't)

Dual Eligible: Having Both

Many seniors have BOTH Medicare and Medicaid ("dual eligible"). Medicare is primary for medical care; Medicaid helps with costs Medicare doesn't cover and pays for long-term care. If your parent qualifies for both, they pay very little out of pocket.

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When to Consult an Elder Law Attorney

Cost: $300-500/hour, but can save tens of thousands in preserved assets.

Key Contacts

Common Misconceptions