Medicaid

Posted in Finance, Accounting and Economics Terms, Total Reads: 239
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Definition: Medicaid

Medicaid is a social health care program in the United States for the families and individuals with a low income & the limited resources. As described by The Health Insurance Association of America, Medicaid is a government insurance program for the persons across all the ages whose resources & income are insufficient to pay for their health care. It is the largest funding source for the medical and the health related services to the people having low income in the country. It is a means tested program which is jointly funded by the state as well as the federal government but managed by the states.


Each state is currently having a broad leeway for determining who is eligible for the implementation of the program. States are not needed to participate in the program, although all the states currently do. There are some conditions one need to meet to get the benefits from this program which are the recipients must be the citizens of the United States or the legal permanent residents & it includes the adults with low income, their children & the persons with certain disabilities. Poverty alone does not qualify someone for the Medicaid.


The patient protection & affordable care act expanded the eligibility for and federal funding of Medicaid significantly. By the law, the citizens with incomes up to 133% of the poverty line, including adults without dependent children will qualify for the coverage in any of the state which participates in this program. But the supreme court of the US stated that the states do not have to agree to this expansion for continuing the receipt of the previously established Medicaid funding levels. So, many states choose to continue with the previous funding levels as well as the eligibility standards.

 

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