The purpose of the Safeguarding Medicaid Act is to strengthen the Medicaid program by ensuring that all applicants and recipients undergo an asset verification process. This aims to prevent fraud and ensure that only those who truly qualify for medical assistance receive benefits. Key provisions of the Act include the requirement for all states to implement a Medicaid asset verification program. This means that states must check the financial resources of individuals applying for or receiving Medicaid to ensure they meet eligibility criteria.