I have the same exact thing. I went to a dermatologist and she said it is Rosacea. I'm using a prescription cream, Finacea, and I had been using Metrogel, but I'm sorry to say there hasn't been much improvement.
But my dermatologist says it's very important to keep using the prescription cream everyday, because without it rosacea can get much worse, it's a progressive condition.
I found a light foundation by Maybelline that I've been using on my cheeks and chin, it covers it completely and looks pretty natural. Send me an email if you'd like some makeup tips on covering the red, I've gotten pretty good at it.
Good luck!
L.