Medicaid
Medicaid is a government-funded health insurance program that provides health coverage for low-income Americans. In its simplest form, Medicaid is a social welfare program similar to SNAP benefits (food stamps).
A notable difference between the two programs is that in most cases, it’s significantly more difficult to obtain Medicaid than Obamacare coverage. As long as you’re a legal resident of the United States, you are entitled access to purchase ACA-compliant health coverage at an affordable rate.
The criteria to qualify for Medicaid varies depending on the state. It was initially intended for all states to require free Medicaid to all legal residents with incomes up to 138% of the federal poverty level. That being said, a Supreme Court ruling made it optional for states to comply with this requirement of ACA.
Enrollment Period
Another key difference between these two is the variation in their enrollment periods.
Eligible Americans are able to enroll in Medicaid anytime throughout the year. On the other hand, Obamacare enrollment is only open during the specified annual open enrollment period. That being said, there may be some special circumstances that may allow eligible enrollees to register at varying dates if they meet one of the following criteria: loss of insurance, change of marital status, the birth or adoption of a child, etc.
Cost Differences
In most cases, Medicaid requires little or even no payments by means of copayments, deductibles, etc. Being that it is intended for those with limited income and subsidized by the government, requiring significant payments from enrollees would defeat the overall purpose of the program.
On the other hand, Obamacare plans are often coupled with significant payments from beneficiaries to receive care.
If you have questions about coverage options or are looking for an affordable coverage solution, reach out to our team of benefits experts at SBMA Benefits. Our team specializes in affordable ACA-compliant benefits and is available to support your acquisition of health coverage.