Quick summary

Medicaid is the government's program to deliver health insurance to people with low income and few or no assets.

Many people confuse Medicaid with Medicare, because Congress introduced them both in 1965 and they have similar-sounding names. Actually, they have completely different eligibility requirements and benefits, and they serve different purposes.

Almost anyone over the age of 65 qualifies for Medicare, while Medicaid is available only to people who are over 65, are blind or have a disability, and who meet income and resource limits. Even those who aren't extremely low-income and have some assets may still be eligible for Medicaid, particularly if they have high medical costs -- so it's important to be familiar with the program. This is particularly true if someone needs long-term care, for which Medicaid can provide coverage even if they own their home.

What is Medicaid?

Medicaid is a federally-supported but state-administered program intended to provide health insurance to low-income, low-asset individuals and families, including people with disabilities and those over the age of 65.