Medicaid is a government program that provides healthcare coverage to low-income individuals and families who cannot afford it. The program was created in 1965 by President Lyndon B. Johnson with the intention of providing medical care for people living in poverty, which included about 20% of the population at the time. It has since been expanded to cover more people and provide more comprehensive benefits.
Today, Medicaid covers over 74 million Americans receiving health insurance from 29 different programs administered by states in accordance with federal requirements set forth under Title XIX of the Social Security Act, also known as “The Medicaid Act” (42 U.S.C., Chapter 7). In fact, when you add together all beneficiaries across all programs, 60% are children or seniors. Additionally, 33% of Medicaid costs are spent on nursing home care for seniors.