Social Security Act – Intro To Health Care Exam 3

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Economic Security
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US has changed to an industrial society; The great depression caused many people to lose their savings
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SS Title I
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grants to states for old-age assistance for aged – temporary welfare
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SS title II
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Federal old-age, survivors and disability insurance benefits
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SS title III
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Grants to state for unemployment compensation administration
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SS title IV
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Grants states to aid and services to needy families with children and for child-welfare services
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SS title V
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maternal and child health services block grant
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SS title XXI
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state childrens health insurance program
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Governance of Social Security
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three member board appointed by the president – replaced by current social security administration, with a single commissioner ; provide employees, employers, and the public with information on: how earnings were to be reported when benefits would start and what benefits would be provided;
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FICA
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Federal Insurance Contribution Act Fund; sources are social security tax and medicare tax paid by both the employer and ; percent for social security (retirement), % for medicare (medical benefits); percentage based on earnings; 6.2% of wages must be matched by employer
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Social Security Act
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social insurance program designed to pay retired workers, age 65 and older, a continuing income – original act; age now depends on when you are born; work incentives provisions, conduct periodic reviews of current disability beneficiaries to certify their continuing eligibility
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dependent benefits
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amendment of social security act; payments to spouse and minor children of a retired workers
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survivor benefits
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benefits paid to the family in the event of a premature death of a worker
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Colas
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cost of living adjustments; annual increases to adjust for cost of living; require annual congressional action
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disability benefits
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disability insurance program – a disability freeze of workers social security social security records during years when they were unable to work; amended to provide cash benefits to disabled workers and disabled adult children; extended for disabled workers at any age could qualify
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Supplemental Security Income (SSI)
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Needs based program providing for needy disabled individuals
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Omnibus budget reconciliation act
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act that states that the government has to tell people how much benefits they have and how they collect them
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welfare reform
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made by clinton; defines the people who get benefits based on their needs
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Sr. Citizens Freedom to Work
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seniors have the freedom to work to get additional salary along with social security
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Eligibility for SS
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must earn and pay FICA for 40 quarters or 10 years; must have a minimum number of earnings; age changes because of the longer life spans
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Social Security Trust Fund
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In 2017 it is predicted that income going into trust funds is less than the expenses
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defined contribution plan
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(profit-sharing 401K, stock bonus and money purchase pension plan) and any contribution or forfeitures were allocated to your account for the plan year ending with or within tax year
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IRA based plan
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individual retirement account; (SEP, SARSEP or SIMPLE IRA plan) and you had an account contributed to your IRA for the plan year that ends with or within the tax year
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defined benefit plan
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(pension plan that pays a retirement benefit spelled out in the plan) and you are eligible to participate for the plan year ending with or within the tax year

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