Final answer:
Medicare is the federally funded health program designed to cover medical costs for Americans 65 years of age and older. It was created to ensure that seniors, who may find private insurance unaffordable, can access the healthcare they need.
Step-by-step explanation:
The federally funded health program that assists with the medical care costs of Americans 65 years of age and older is Medicare. Established in 1965, it covers a wide range of services for the elderly and certain individuals with disabilities. In contrast, Medicaid provides health care to those with low income, including a significant number of elderly individuals. Additionally, the Children's Health Insurance Program (CHIP) offers coverage to children in low-income families, and TRICARE is targeted at military veterans and their families.
Congress and President Johnson passed Medicare, acknowledging that private health insurance can be too costly for the average healthcare costs incurred by the elderly. Medicare enables seniors to receive necessary medical care without the financial burden that private insurance might entail.