Medicaid
Medicaid is a health insurance program that is jointly funded by the federal government and individual states. It is designed to provide health care coverage to low-income individuals and families who cannot afford private health insurance. Medicaid covers a wide range of services, including doctor visits, hospital stays, prescription drugs, and preventive care. It also covers long-term care services such as nursing home care and home health care.
History of Medicaid
Medicaid was created in 1965 as part of the Social Security Amendments of 1965. The program was designed to provide health care coverage to low-income individuals and families who could not afford private health insurance. Since its inception, Medicaid has grown to become one of the largest health insurance programs in the United States. In 2018, Medicaid covered more than 70 million people, or about one in five Americans.
Medicaid is administered by the Centers for Medicare and Medicaid Services (CMS), a federal agency within the U.S. Department of Health and Human Services. Each state is responsible for administering its own Medicaid program, and states have the flexibility to design their own programs within federal guidelines. As a result, Medicaid programs vary from state to state.
Comparison of Medicaid and Private Insurance
| Medicaid | Private Insurance |
|---|---|
| Eligibility based on income | Eligibility based on premiums |
| Covers a wide range of services | Covers a limited range of services |
| No cost-sharing for most services | Requires cost-sharing for most services |
| No premiums | Requires premiums |
Summary
Medicaid is a health insurance program that is jointly funded by the federal government and individual states. It is designed to provide health care coverage to low-income individuals and families who cannot afford private health insurance. Medicaid covers a wide range of services, including doctor visits, hospital stays, prescription drugs, and preventive care. It also covers long-term care services such as nursing home care and home health care. For more information about Medicaid, visit the Centers for Medicare and Medicaid Services website or your state’s Medicaid website.
See Also
- Medicare
- CHIP
- Health Insurance Marketplace
- Premiums
- Cost-Sharing
- Long-Term Care
- Medicaid Expansion
- Medicaid Waivers
- Medicaid Managed Care
- Medicaid Fraud
