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jasonmoney12
New Member

What is the difference between medicare and medicaid?

what is a HDHP coverage?
3 Replies
DanielV01
Expert Alumni

What is the difference between medicare and medicaid?

Medicare is provided to those who draw Social Security Income by the Federal Government. There are three parts:  Part A, Part B, and Part D (Part C is a combination of Parts B and D provided through private insurers).  Part A, which covers hospitalization, is provided to all Medicare-eligible Social Security recipients.  While there are no premiums associated with Part A, there are out-of-pocket costs for services.  Part B is the “medical insurance” portion of Medicare and covers doctor’s visits, treatments, etc.  For Part B, there is a monthly premium automatically deducted from the eligible recipient’s monthly check if they opt to have it.  (Most do).  There are also copays and other costs to the patient.  Part D covers prescriptions, and has an additional premium, as well as out-of-pocket costs.

Medicaid is state-provided insurance.  It is granted to lower-income families in states that have a Medicaid program.  (Obamacare legislated expansion of Medicaid to include low-income adults, as most states had some kind of Medicaid program for minors.  Not all states adopted the legislation.)

HDHP Insurance stands for “High-Deductible Health Plan”.  It is private insurance.  As the name suggests, those who obtain a High-Deductible Health Plan pay higher deductibles for their insurance, but typically lower monthly premiums.  Also, HDHP Insurance qualifies the policyholder to have a Health Savings Account (HSA), which can have many tax advantages.  Please note the following FAQ’s for more information:

https://ttlc.intuit.com/replies/4787500

https://ttlc.intuit.com/replies/3300505

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Jane H Fox
Returning Member

What is the difference between medicare and medicaid?

Under Social Security payments one enters the Medicare Part B deduction.  Is this amount also added to medical insurance when calculating deductions for Schedule A?

KathrynG3
Expert Alumni

What is the difference between medicare and medicaid?

Yes, it will be added to medical insurance when calculating deductions for Schedule A automatically. There is no need to enter it again.

 

For more information about itemizing, see: Video: What is a Schedule A: Itemized Tax Deductions? - TurboTax Tax Tips & Videos

 

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