Precision Medicine Answers for Kids Today Act This bill establishes programs and requires reporting relating to Medicaid coverage of genetic and genomic testing, particularly for children. Specifically, the bill establishes a demonstration program for up to 15 state Medicaid programs to cover genetic and genomic testing for certain individuals under the age of 21 (or a lower age, if the state chooses) and for former foster youth under the age of 26. Additionally, the Centers for Medicare & Medicaid Services must report on overall Medicaid coverage of such services and issue guidance for states on ways to increase coverage for children; the National Academy of Medicine must study the impact of this guidance as well as the general utility of genetic and genomic testing.