Final answer:
Medicare is the federal health insurance program that benefits older adults and certain disabled younger people. Established in 1965, it provides vital insurance coverage through various plans, ensuring healthcare access for millions of Americans.
Step-by-step explanation:
The federal health insurance program that provides benefits for older persons and some younger people with disabilities is Medicare. Created through the Social Security Act of 1965, Medicare fundamentally changed health insurance coverage in the U.S. It was designed to ensure that individuals over the age of 65, as well as others meeting specific disability criteria, had access to health insurance. This program remains a vital part of the health care system and has been joined by Medicaid, another government-funded program aimed at assisting low-income families, which includes children through the Children's Health Insurance Program (CHIP).
Medicare is composed of different plans that offer various coverage options. Plan A helps with hospital bills, whereas Plan B is more like private insurance, covering other medical costs with the beneficiary paying premiums. Together, they have provided healthcare security for millions of seniors who otherwise might not have been able to afford medical care.