Question

Using the economic theory, justify the need for the medicaid and medicare programs.

Answer 1

Medicaid is a state and federal program providing health coverage for low income people.

Medicare is a federal program that provides health coverage for older and disabled people.

Medicaid and Medicare are social insurance programs that allow the financial burdens of illness to be shared among sick individuals and lower income families.

They are separate government programs which were created in 1965..

They were funded by different parts of the government to serve different groups.

If we are eligible for both Medicaid and Medicare,we can have both as they work together to provide with health coverage at very low cost.

They are administered by the government.