Understanding Medicaid

Understanding Medicaid

Signed into law in 1965, Medicaid and CHIP (Children’s Health Insurance Program) are joint federal-state programs designed to provide health insurance to low-income families and individuals. Though Medicaid began as a means of providing health coverage to government welfare recipients, it has grown to cover not only low-income citizens but certain sectors of the elderly and disabled populations. Today, approximately 72.5 million people receive benefits from Medicaid and CHIP annually, and at a cost of over $565.5 billion annually, it is one of the largest health insurance programs in the country. Read more.