Final answer:
Medicare-approved private health plans, like Medicare Advantage, are run by private companies offering additional coverage to traditional Medicare. Medicaid, on the other hand, is a joint federal-state program assisting those with low incomes, whereas Medicare primarily aids the elderly with healthcare costs.
Step-by-step explanation:
Health plan options run by private companies but approved by Medicare include various forms of Medicare Advantage plans (Part C), as well as prescription drug plans (Part D).
These Medicare-approved private health plans can provide additional coverage and may offer more flexibility in terms of providers and benefits compared to traditional Medicare.
However, they may also come with different costs, restrictions, and provider networks.
For the elderly, traditional Medicare provides health insurance to help with high average healthcare costs.
To support those with low incomes, the U.S. government and states run the Medicaid program.
Overall, these government-funded programs and Medicare-approved private plans aim to make healthcare more affordable for different segments of the population.