The Pros and Cons of Medicaid vs. Health Insurance

Medicaid is a program designed to provide health insurance to people who would otherwise be without coverage. The individuals who receive Medicaid must qualify for benefits, and each state mandates the qualification requirements for those applying for Medicaid. Ultimately Medicaid assists the aged, disabled, blind, low income families with dependents, pregnant women, and children up to age 19. Medicaid provides health insurance at little to no cost for those who qualify, so that they are not without medical coverage.

Qualifying for Medicaid

As mentioned, every state has different requirements dictating who qualifies for Medicaid, while the program itself has its own mandates. The general consensus is that to qualify for Medicaid, applicants have to be below poverty level regarding income. Medicaid generally assists low income families, primarily children and those who are unable to otherwise obtain health insurance. Not everyone can sign up for Medicaid; people must fit within the required guidelines to be accepted and given coverage.

Medicaid Opportunities

Medicaid certainly benefits many people and provides necessary coverage for those who need it. Medicaid is provided to the needy at little to no cost out of their pocket; however, there are evaluation periods where Medicaid holders must reestablish that they are still in need and continue to qualify for the standards that must be met to receive aid. Medicaid services help pregnant women, the blind, the disabled, children under the age of 19, and the aged; this is true in most states. The health insurance provided by Medicare is typically highly needed and helpful.

Group Coverage

Group insurance is provided to employees by their employers, and the companies and businesses for which they work. When compared with Medicaid, group insurance is most frequently a better option, providing it is possible. Typically, those who have group coverage do not meet the qualifications for Medicare, generally for reasons related to their income. Sometimes group coverage only pays a small portion of health insurance and if the employee fits the requirements, Medicaid may pay the difference for a while to ensure that the employee does not go without necessary coverage.

Individual Coverage

Individuals who do not have group coverage as an option and who do not qualify for Medicaid will likely sign up for individual health insurance. Individual coverage or private insurance is paid for by the insured person, and can be customized to fit the policyholder’s specific needs. As a result, if the applicant cannot afford a large premium, then the policy can be altered to lower the premium as much as possible. One example of a popular customization involves increasing the deductible to pay a lower premium.

Medicaid is a program that is provided for members of society who would otherwise be without health insurance coverage; it is available at a very low rate or for no cost. For those whom Medicaid helps, the program provides peace of mind and security, along with much needed health treatments. Medicaid assists a variety of different types of people who are in need, for any number of reasons.  It is quite literally a life saver for many individuals that qualify for coverage.