Medicare FAQs What are the main differences between Medicare and Medicaid? The main difference between Medicare and Medicaid is that Medicare is for those over 65 and younger adults with disabilities. At the same time, Medicaid provides health care services to low-income individuals and families. Medicare covers hospital stays, doctor visits, preventive care, and prescription drugs. Medicaid typically covers in-home care, long-term nursing home stays, and other services not covered by Medicare. What is the CARES Act of 2020? The CARES Act is a federal law enacted in 2020 to provide economic relief due to the impact of COVID-19. The CARES Act provides additional funds for Medicare and Medicaid services, including expanded telehealth coverage and waived cost sharing for certain healthcare services. It also offers financial assistance to individuals, such as one-time stimulus payments, extended unemployment benefits, and reduced student loan payments. Additionally, the CARES Act provided additional federal funding to states for Medicaid programs. What are the basic benefits of Medicare? The basic benefits of Medicare include hospital insurance (Part A), medical insurance (Part B), and prescription drug coverage (Part D). Part A covers inpatient care, such as hospital stays. In contrast, Part B covers outpatient services, such as doctor visits and preventive care. Part D is optional coverage for prescription drugs. Is there a monthly fee for Medicare? Yes, there is a monthly fee for Medicare. The Part B premium, which covers medical insurance, is typically deducted from Social Security benefits. Additional costs may be associated with other parts of Medicare, such as deductibles and coinsurance. Additionally, some people who purchase supplemental plans or enroll in Medicare Advantage Plans may also have to pay additional premiums. Do you automatically get Medicare when you turn 65? It all depends. Suppose you receive Social Security, or Railroad Retirement Board (RRB) benefits at least four months before turning 65. In that case, you do not need to sign up. You will automatically get Part A and Part B beginning the first day of the month you turn 65. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.