Final answer:
Medicaid is a means-tested program for low-income individuals that is managed by states and jointly funded by the states and the federal government. Established in 1965, it varies by state in terms of eligibility and benefits, with some states expanding coverage under the ACA.
Step-by-step explanation:
Medicaid is a means-tested program, which evaluates an individual's finances to determine eligibility for receiving healthcare benefits. As a federal-state joint program established in 1965, Medicaid provides medical insurance to certain low-income individuals, including those categorized as near-poor, those below the poverty line, families with children, the elderly, and people with disabilities.
Each state manages Medicaid, sets eligibility requirements, benefit levels, and access, leading to variability in the program across states. Federal funding supports Medicaid, but states have the authority to set income thresholds, determining the number of residents who qualify. Changes such as those proposed by the Affordable Care Act (ACA) attempted to expand Medicaid coverage by offering additional federal funding to states that agreed to raise the minimum income requirements.