Social Security Administration (Feb 16)

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the average monthly social security benefit is __

$1328, or $15,936 per year

the individual monthly SSI payment is __, for couples it is ___

$733, $1100

__ of every dollar of SS tax goes to trust fund that pays benefits to ppl with disabilities and their families

0.15

__ of every dollar of SS tax goes to trust fund that pays monthly benefits to current retirees and their families and to surviving family members

0.85

Amendments of 1954 initiated a disability insurance program that provided the public additional coverage against economic insecurity. In 1956, it was amended to provide cash benefits to disabled workers aged __ to __ and disabled adults and children

50-65

one in __ Americans receives an SS benefit (57 M)

6

SS taxes: employees are taxed __% of earnings up to $118,500

6.2

beginning in 1975, automatic annual __ were instituted based on increases in consumer prices

COLAs

The commissioner of social security reports directly to the President. A permanent 7-member bipartisan social security advisory board was formed in 1995. Who is the current commissioner of the SSA?

Caroyln Colvin

T/F the longer you wait for retirement, the better the monthly benefit

T

T/F the requirements for one credit towards retirement changes every year.

T

the number of credits needed to apply for social security depends on your __ and __

age, benefit you are applying for

what was the purpose of the social security act?

created social insurance program designed to pay retired workers age 65+ a continuing income

the SSI monthly payment is based on:

need, varies up to max fed benefit rate

SSA stands for

social security administration

in 2001 the HCFA became __

the CMS, centers for medicare and medicaid services

the SSA began in the year 1934 by FDR in response to __

the Great Depression

in the 1950s, SS benefits were raised for the first time based on __

COLAs, cost of living adjustments (to offset effects of inflation on fixed incomes

the __ was established to provide employers, employees, and the public with information on how income was to be reported

SSB, bipartisan social security board

__% of all workers are in jobs covered by social security

98

beginning in the year 2013, workers will pay an additional __% Medicare tax on income above certain thresholds.

0.9

The SSA was altered in 1939 to increase the benefit amount and accelerate the start of payments from 1942 to 1940. What were the 2 fundamental changes made to the SSA in 1939?

1. spouse and minor children were covered 2. survivor benefits in event of premature death

Medicare taxes: employees and employers are taxed __% on all earnings

1.45

SS taxes: self-employed are taxed __% of earnings up to $118,500

12.4

For working in 2016, for every $__ earned, one credit is made

1260

the Social Security Act was signed into law in the year

1935

Medicare health coverage was extended to SS beneficiaries who are 65+ in the year

1965

the SSA was part of HHS until the year

1995 (now an independent agency)

Medicare taxes: self-employed are taxed __% on all earnings

2.9

the maximum social security benefit at full retirement age is __ per month

2663, or 31,956 per year

Applications for Medicare benefits should be filed when?

3 mos before 65th birthday

when should you apply for Medicare benefits?

3 mos before 65th birthday

how many SS credits can be earned per year?

4

you earn a maximum of __ credits towards retirement per year

4

most people need __ credits, or 10 years of work, to qualify for retirement benefits

40

__ credits are needed to qualify for retirement benefits

40 (10 years of work)

SS taxes: employers are taxed __% of earnings up to $118,500

6.2

the earliest you can receive retirement benefits is age __, but you will only get 70% of the monthly benefit

62

the full retirement age as of 2015 is __

67

SS remained responsible for Medicare until 1977 when the __ took over

HCFA, health care financing administration

Employers and workers had to be registered by the date __ following the SSA enactment to be eligible for the old age insurance benefits and for payroll taxes to be collected?

Jan 1, 1937

social security became an independent agency in the year

March 1995

patients receiving SSI are automatically eligible for __ in most states

Medicaid

Patients receiving SSDI are automatically eligible for __ after receiving disability benefits for 2 years

Medicare

What is required to qualify for SSDI?

cannot work due to physical or mental condition expected to last at least one year or result in death; may take up to 2 years. Includes: Medical records and treatment dates from your doctors, therapists, hospitals, clinics and caseworkers; Your laboratory and other test results; The names, addresses, phone and fax numbers of your doctors, clinics and hospitals; The names of all medications you are taking; and The names of your employers and job duties for the last 15 years.

Congress has broadened the scope of SSDI to allow __ of disabled workers to qualify for benefits and expanded to workers at any age can qualify.

dependents

How are benefits typically paid?

direct deposit

who does the SSI cover?

disabled or blind adult or child must meet categories: limited income, limited resources, US citizen, live in US, 65 or older

who is eligible for SSDI?

disabled or blind, must have paid SS taxes to become insured

the SSDI monthly payment is based on:

earnings record of insured worker

which 3 parties must register for social security?

employers, employees, and self-employed

where is the SSI financed from?

general reserves (NOT SS taxes)

Medicare and Medicaid payments rely on poverty __

guidelines

the SSB became the __ in 1946

social security administration

the __ has 7 permanent bipartisan members to provide advice and counsel

social security advisory board

SSDI stands for

social security disability income

which parties are able to receive SS benefits based on your income?

spouses, ex-spouses, and children

SSI stands for

supplemental security income


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