Illinois Health Insurance Practice Exam

The characteristic associated with Medicaid is that it is administered by federal and state governments. Medicaid is a joint program that provides health care coverage to eligible low-income individuals, including children, pregnant women, elderly individuals, and people with disabilities. The federal government sets certain guidelines and matching funds, while each state has the flexibility to design its own Medicaid program within those guidelines, which results in variations in coverage and benefits from state to state.

The other options do not accurately reflect the nature of Medicaid. It does not primarily rely on private insurance companies for funding, nor does it provide financial assistance to high-income individuals. Additionally, while Medicaid does provide long-term care services, it is not specifically categorized under long-term care insurance policies, which are typically separate products offered to individuals seeking coverage for extended care needs, rather than a government assistance program.