This chapter explores the major forms of social insurance in the United States: Old-Age, Survivors, and Disability Insurance (OASDI); Unemployment Insurance (UI); and Workers’ Compensation. In addition, this chapter explores some of the major issues and problems surrounding social insurance programs.
Beginning in 2014, ACA's individual mandate requires most individuals to obtain acceptable health insurance coverage or pay a penalty. A hardship exemption is available for individuals who have suffered a hardship with respect to the capability to obtain coverage under a qualified health plan.
Beginning in 2014, ACA's individual mandate requires most individuals to obtain acceptable health insurance coverage or pay a penalty. A hardship exemption is available for individuals who have suffered a hardship with respect to the capability to obtain coverage under a qualified health plan.
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Discover how insurance can be customized and used as a financial tool to protect ALL of your life. Take control of your assets, plan your course, protect your empire.
These slides were part of a South Central Alabama Development Commission Facebook live training 08/21/20 describing the State Health Insurance Services provided by that agency.
Advanced Strategies for Trial Attorneys: Resolve Liens, Ensure Medicare Compl...SynergySettlementServices
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If the Social Security retirement system was a private retirement sy.pdfarchanadesignfashion
If the Social Security retirement system was a private retirement system, it would be declared
bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits
despite the fact that it can be considered bankrupt. Discuss why the Social Security tax rate has
increased so much in recent years. What measures could be taken to reduce the Social Security
payroll tax rate?
Solution
Social Security System Definition-
A system of federally funded services and payments to help support the needy ,the aged and the
temporarily unemployed as well as providing support for needy, dependent, disabled ,or
neglected children, rehabilitation for the disabled ,and a host of other social services. The system
was established as part of the new Deal and is funded by payroll taxes paid by workers and
employers.
Social Security is funded through payroll taxes called Federal insurance contributions Act
Tax(FICA) or self employed contributions Act(SECA).Tax deposits are collected by the internal
revenue service(IRS) and are formally entrusted to the Federal Old –Age and survivors insurance
Trust Fund,the Federal Disability insurance Trust Fund,the Federal Hospital insurance trust
Fund,or the fedral supplementary medical insurance trustFund which make up the social Security
Trust Funds.with a few exceptions ,all salaried income ,up to an amount specifically determined
by law has a FICA or SECA tax collected on it .All income over said amount is not taxed ,for
2015 the maximum amount of taxable earning is $118,500
Social Security\'s financial situation hasn\'t changed much since last year, according to the
annual Trustee\'s Report released last week.
· There is enough money in the Social Security trust fund to pay full retirement benefits
through 2033. After that, payroll taxes at current levels will bring in about 75 percent of the
money required to pay Social Security\'s obligations.
What measures could be taken to reduce the Social Security payroll tax rate?
America\'s Social Security system is in serious trouble. Payroll tax rates have been increased 17
times in the past 40 years, yet promised benefits exceed projected revenues by trillions of dollars.
Moreover, Social Security has become an increasingly bad deal for American workers who must
pay record high taxes to a system that provides only meager levels of income for their retirement
years. Even worse, there is no way to fix the current system to remedy these problems.
Additional payroll taxes or benefit reductions would address the massive long-term deficit, but
only by making the system an even poorer investment for working Americans; and raising
benefits or cutting taxes, both of which could improve the rate of return for workers, would
catapult Social Security into bankruptcy even sooner.
The only answer to these seemingly intractable problems is to privatize the Social Security
system. Countries around the world, including Chile, Australia, Mexico, Singapore, and Great
Britai.
Wall of Protection: Health, Income, and Life InsuranceAlanna Russell
Discover how insurance can be customized and used as a financial tool to protect ALL of your life. Take control of your assets, plan your course, protect your empire.
These slides were part of a South Central Alabama Development Commission Facebook live training 08/21/20 describing the State Health Insurance Services provided by that agency.
Advanced Strategies for Trial Attorneys: Resolve Liens, Ensure Medicare Compl...SynergySettlementServices
A complimentary and quick-hitting webinar covering some of the most complex issues that trial attorneys face when resolving catastrophic personal injury cases. Our panel of national experts will share tips & techniques along with best practices to make sure your firm and its clients are protected against common potential malpractice mistakes.
If the Social Security retirement system was a private retirement sy.pdfarchanadesignfashion
If the Social Security retirement system was a private retirement system, it would be declared
bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits
despite the fact that it can be considered bankrupt. Discuss why the Social Security tax rate has
increased so much in recent years. What measures could be taken to reduce the Social Security
payroll tax rate?
Solution
Social Security System Definition-
A system of federally funded services and payments to help support the needy ,the aged and the
temporarily unemployed as well as providing support for needy, dependent, disabled ,or
neglected children, rehabilitation for the disabled ,and a host of other social services. The system
was established as part of the new Deal and is funded by payroll taxes paid by workers and
employers.
Social Security is funded through payroll taxes called Federal insurance contributions Act
Tax(FICA) or self employed contributions Act(SECA).Tax deposits are collected by the internal
revenue service(IRS) and are formally entrusted to the Federal Old –Age and survivors insurance
Trust Fund,the Federal Disability insurance Trust Fund,the Federal Hospital insurance trust
Fund,or the fedral supplementary medical insurance trustFund which make up the social Security
Trust Funds.with a few exceptions ,all salaried income ,up to an amount specifically determined
by law has a FICA or SECA tax collected on it .All income over said amount is not taxed ,for
2015 the maximum amount of taxable earning is $118,500
Social Security\'s financial situation hasn\'t changed much since last year, according to the
annual Trustee\'s Report released last week.
· There is enough money in the Social Security trust fund to pay full retirement benefits
through 2033. After that, payroll taxes at current levels will bring in about 75 percent of the
money required to pay Social Security\'s obligations.
What measures could be taken to reduce the Social Security payroll tax rate?
America\'s Social Security system is in serious trouble. Payroll tax rates have been increased 17
times in the past 40 years, yet promised benefits exceed projected revenues by trillions of dollars.
Moreover, Social Security has become an increasingly bad deal for American workers who must
pay record high taxes to a system that provides only meager levels of income for their retirement
years. Even worse, there is no way to fix the current system to remedy these problems.
Additional payroll taxes or benefit reductions would address the massive long-term deficit, but
only by making the system an even poorer investment for working Americans; and raising
benefits or cutting taxes, both of which could improve the rate of return for workers, would
catapult Social Security into bankruptcy even sooner.
The only answer to these seemingly intractable problems is to privatize the Social Security
system. Countries around the world, including Chile, Australia, Mexico, Singapore, and Great
Britai.
A disabling illness or injury can create a financial burden for individuals and their loved ones. This presentation discusses what options are available if you were to become disabled.
it is slide on thecurrent hot topic "social security"and it focuses several schemes launched by"The Govt of India" to improve the economic status of people...
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How Social Security Works! Getting Texas Social Security Disability HelpVictor Makris
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America's Retirement Safety Net and information for you to understand the social security, medicare and financial needs after retirement. For more topics you can visit our other flipbooks at http://www.ferrettafinancialservices.com/sitemap.htm .
Happy reading:-
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
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Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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2. Social
Insurance
versus
Public
Assistance
Social Insurance:
Beneficiaries are required to make contributions to it
before claiming any of its benefits
Their employers pay into the program on behalf of
their workers
Benefits are paid out as legal entitlements regardless
of the beneficiaries’ personal wealth
3. Social
Insurance
versus
Public
Assistance
Social Insurance:
Major goal is to maintain income by replacing a portion
of lost earnings
Helps insure against the loss of income due to the
economic changes of retirement, the loss of a job, the
death of a family breadwinner, or physical disability
Benefits from the program cannot be denied**
Benefits are legal entitlements regardless of personal
wealth
4. Social
Insurance
versus
Public
Assistance
Public Assistance:
Program is financed out of general tax revenues
(money collected by Federal government)
The recipients are required to show that they are poor
in order to claim benefits
Means test. Income and asset tests designed to
determine whether an individual or household meets
the economic criteria necessary for receiving
governmental cash transfers or in-kind services
5. Social
Insurance
versus
Public
Assistance
Social insurance programs are social security, SSDI,
Medicare, Unemployment, Workers’ Compensation
Public assistance programs are Medicaid, SSI,TANF,
WIC, SNAP
Social insurance programs encompassed a greater part
of the federal budget
6. Excise taxes – taxes on specific goods (i.e. gas, cigarettes, airline tix, etc.) often included in the
price
Other taxes include estate, gifts, customs, etc.
7. History of
SocialSecurity
Initially suggested by California dentist, Francis E.Townsend, who
lobbied for a $200/month pension for elderly persons to be paid
out of the National sales tax.
Franklin D. Roosevelt campaigned on a government plan to
protect the unemployed and older people.
After being elected to office, the plan was presented to Congress
as possible alternative to public assistance
Social Security Act of 1935 contained more than just the social
insurance plan, it addressed other public needs including:
Old-age and survivors insurance (OASI)
Disability insurance (DI)
Health insurance (HI, eventually called Medicare)
Unemployment insurance
8. Today’sSocial
SecurityAct
Provides for:
OASDI
Unemployment programs under joint federal and state
partnership
Federal assistance to aged, blind, and disabled under
Supplemental Security Income (SSI)
Public assistance to families with dependent children (TANF)
Federal health insurance for the aged (Medicare)
Federal and State health insurance for the low income
(Medicaid)
9. Old-Age,
Survivors, and
Disability
Insurance
(OASDI)
Social Security = OASDI
Social Security including Medicare = OASDIHI
It is administered by the Social Security Administration
However, Medicare is administered by CMS or Centers for Medicare
and Medicaid Services, under the Department of Health and Human
Services
Income is taxed to support the program; second largest source of
revenue for Federal government
FICA = Federal Insurance Contributions Act – when deducted by the
employer = 7.65% tax rate (2017)
6.20% of that amount is SS; 1.45% to Medicare
SECA = Self-Employment Contributions Act = 15.30% tax rate (2017)
10. Old-Age,
Survivors, and
Disability
Insurance
(OASDI)
Social Security is a regressive tax
Regressive tax causes lower-income people to pay a larger share
of their income than the wealthy
http://www.investopedia.com/video/play/regressive-tax/
Levied against income only, not against other types of incomes
like dividends, interest, and rents
12. Unintended
Consequences
ofSocial
Security Policy
Average life span of African American is shorter than whites
which means they will collect less SS
Because of that, the regressive nature of SS necessarily
means it is a higher burden on people who live shorter lives
AA and Hispanics often work more physical jobs that require
them to retire at a younger age; a higher retirement age
impedes them from qualifying for full SS
Lower levels of education, marriage and higher
unemployment rates result in lower SS benefits forAA,
Hispanics and other groups
13. Unintended
Consequences
ofSocial
Security Policy
Women’s wages tend to be lower than men’s which means
less benefits paid out to women at retirement or for a
disability
Women spend less time working because they stay home to
raise the family; some never work
10 year protection (collect spouse’s SS) only available if
woman is married 10 years
Widowed spouses do not qualify for SS until age 60
Married workers benefit more from SS; affects both genders
but many women never marry and tend to be poorer than
men
14. Unemployment
Insurance
Provides temporary income to workers who have lost their jobs
through no fault of their own
Cannot collect unemployment if you quit
However, payment cannot be denied to:
Workers refusing to work in substandard work conditions
Workers refusing to work jobs that require union membership
Pregnant workers
Federal UnemploymentTax Act (FUTA) – employers pay taxes on
behalf of each of their employees. Money placed in a trust fund
account for each state to pay out claims of unemployment when
filed.
Benefits normally limited, on average about 26 weeks (TX).
Extensions can be requested for another 13 – 20 weeks (funded by
Federal and State government)
Unemployment benefits inTX
15. Workers’
Compensation
Provides medical benefits and often cash payments to workers
who are injured on the job or develop job-related diseases.
Provides benefits to survivors of workers killed on the job during
job-related accidents
Department of Labor administers the program at Federal level.VA
administers program for disabled veterans. States administer
everyone else. Self-employed workers do not qualify forWC.
Program is intended to provide wages lost to injury or disease and
to make sure job caused injuries do not become catastrophic to
workers.
Wages are calculated at 2/3 of the wage the worker was earning
when the injury happened
16. Workers’
Compensation
It is not about compensating for pain and suffering
Employees (for the most part) cannot sue their employees if they
are receivingWC
Employees cannot collectWC if they were injured due to their own
willful misconduct or intoxication
Texas does not require employers to participate inWC programs.
For that reasons, employees are allowed to sue their employers.
Texas employers who do not carry workers' compensation
insurance coverage are required to report their non-coverage
status and work-related injuries and occupational diseases to the
Division ofWorkers' Compensation (DWC).
17. Issue with
Workers’
Compensation
Length of the claims process. Investigations can be lengthy
Illnesses versus physical injury claims – Illnesses take longer to
manifest
Wages paid under WC are designed to encourage employees to
get back to work as soon as possible – not necessarily the best
plan for someone who is injured or sick
Employers duck the program and find ways not to join it (i.e., they
hire contracted employees, casual workers)
Employers must employ at least 15 employers before having to
offerWC
Fear of job loss, retaliation, stigma of being onWC, peer pressure
to return to work, employer push back, uncooperative insurance
companies, cost of healthcare
18. SocialSecurity
Disability
Insurance
SSDI provides benefits to disabled or blind persons who are
“insured” by workers’ contributions to the Social Security
trustfund.
Contributions are based on earnings (or those of your spouse
orparents) as required by the Federal InsuranceContributions
Act(FICA).Title II of the Social Security Act authorizes SSDI
benefits.
Your dependents may also be eligible for benefits from
yourearnings record.
Comparing SSDI and SSI
