Medicaid was created in 1965 by the Social Security Amendment and signed into law by President Lyndon B. Johnson. Its purpose was to provide health insurance to low-income families, children, pregnant women, the elderly, blind and disabled. It aims to provide health insurance, long-term care for seniors and disabled individuals, and supplemental coverage for prescription drugs and cost sharing for low-income Medicare recipients. Medicaid is administered at the state level within federal guidelines and funded jointly by state and federal governments.