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Similarities Between Medyare And Medicare

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According to Brief Summaries of Medicaid and Medicare Title XVIII and Title XIX of the Social Security Act, Medicaid is known as Title XIX of the Social Security Act, and Medicare is known as Title XVIII of the Social Security Act (Curtis, Klees, Wolfe, 2010). Medicare is a federal health insurance program that provides medical care to people over sixty-five or older or have a severe disability (no matter the person’s income), whereas Medicaid is a federal-state medical assistance program for low-income people of every age (Curtis, Klees, Wolfe, 2010 ). Although Medicare and Medicaid both were established in 1965 and signed by President Lyndon Johnson (U.S. Department of Health and Human Services, 2015), they are funded differently. Medicare has two trust funds known as Hospital Insurance (HI) and Supplementary Medical Insurance (SMI) which all financial operations are handled through. Part A (HI) of Medicare is funded by payroll taxes paid by most employees, employers, and people who are self-employed. Part B and Part D (SMI) of Medicare is funded by contributions from the general fund of the U.S. Treasury and by beneficiary premiums (Curtis, Klees, Wolfe, 2010). …show more content…

On the other hand, Medicaid is funded by the states on a fee-for-service basis or various prepayment arrangement (Health Maintenance Organization), and the federal government through a program known as the Federal Medical Assistance Percentage (Curtis, Klees, Wolfe,

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