Final answer:
Medicaid is a joint federal and state-funded program that provides healthcare coverage for individuals with low incomes.
Step-by-step explanation:
The insurance coverage that is funded 50% by federal contribution and 50% by state sponsorship is Medicaid. Medicaid is a public healthcare system designed to provide coverage for individuals with low incomes. This program is a joint effort between the federal government and state governments to ensure that healthcare is accessible to those who may not be able to afford private health insurance. While Medicare is primarily for people over sixty-five years old, it is funded differently, mainly through payroll taxes.