What's the Difference Between Medicare, Medicaid, Long Term Care Insurance & Private-Pay?

Medicare is a federal insurance program - administered by CMS (Centers for Medicare & Medicaid Services) -- that provides insurance to millions of Americans who are 65 years of age or older, are disabled, or who have permanent kidney failure. Medicare is similar to health insurance in that it typically provides coverage for medically necessary services only and not custodial or long-term care. Medicare will not cover the costs of skilled nursing facility unless it is related to a prior hospital stay, and even then the coverage is limited. Medicare does not cover services such as non-medical home care, assisted living, or personal medical alarms. Medicaid is an assistance program jointly financed by federal and state governments for needy and low-income people of all ages. Each state designs their own program based on federal guidelines thus specific details on coverage and eligibility will vary. Depending upon the situation and based on certain qualifying conditions, Medicaid will ...  more