Name the three broad categories of programs established under the Social Securit
ID: 346153 • Letter: N
Question
Name the three broad categories of programs established under the Social Security Act of 1935. Briefly describe each one.
Name and briefly describe the specific benefits in the OASDI program.
Define the purpose of Medicare, and briefly contrast the two options an eligible person has for receiving Medicare benefits.
How are the OASDI and Medicare programs financed?
Discuss the pros and cons of choosing an integrated paid time-off policy instead of multiple specific paid time-off policies—for example, sick leave, vacation, and so forth.
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Explanation / Answer
Name the three broad categories of programs established under the Social Security Act of 1935. Briefly describe each one.
Three broad programs established -social insurance, public assistance, social services
social insurance -this helps to offer income for those who have lost their earnings capability. Here people pay through payroll taxes for ensuring them against their retirement, job loss, death or physical disability)
public assistance-Federal money from cash assistance – for poor elderly,-poor children, families
and poor disabled/blind. These are temporary and selective assistance offered based on need
Social services -Offers services for
Name and briefly describe the specific benefits of the OASDI program.
OASDI -Old Age/Survivors/Disability Insurance-ensures income for retired persons, survivors of deceased, and disabled
Eligibility for OASdi-
Benefits
Define the purpose of Medicare, and briefly contrast the two options an eligible person has for receiving Medicare benefits.
Medicare is a federal program administered by the Centers for Medicare and Medicaid Services to offer medical services and basic health insurance to those age 65 and over,
Part A- Offer
People eligible for Social Security benefits get automatically enrolled in Part A. No insurance premium is required. Only people who do not qualify for Social Security benefits need to pay a premium to get enrolled
Part B- offers
This part is for outpatient only and includes more preventive services. part B is optional and those who want it should pay additional premium. They are subject to an annual deductible and coinsurance.
How are the OASDI and Medicare programs financed?
Social Security includes OASDI and Medicare programs - offering disability, retirement, and Medicare benefits. Generally, both are funded through FICA tax, general revenues, co-pays, and state revenue benefits
OASDI is funded by a
Medicare Trust Funds
Funded through 2 trust funds
1.Supplementary Medical Insurance (SMI) Trust Fund
2.Hospital Insurance (HI) Trust Fund
.
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