Final answer:
Medicaid is a joint federal-state program created in 1965 to provide medical insurance to certain low-income individuals, including families with children, the elderly, and people with disabilities. It offers health care coverage to those who meet specific income guidelines, and eligibility and benefits can vary by state. The correct option is A.
Step-by-step explanation:
Medicaid is a state-based program that provides medical coverage for individuals who cannot afford it, as long as they fall within certain income guidelines. Created in 1965, it aims to assist the financially disadvantaged, including low-income families with children, the low-income elderly, and people with disabilities.
This program is financed jointly by the federal government and the states. Each state administers its own Medicaid program, determining eligibility and benefits, which results in varying coverage across the country. In 2020, the overall costs for Medicaid were about $627 billion, with approximately $405 billion provided by the federal government.
Contrary to other health care options, Medicaid coverage is formula-based, focusing on helping the near-poor, who have incomes just above the poverty line, and those below the poverty line. The introduction of the Affordable Care Act (ACA) in 2010 also affected Medicaid, offering states more federal funding if they agreed to raise the minimum income requirements for eligibility.
It's essential to note that Medicaid should not be confused with Medicare, as they serve different populations and operate under different guidelines.