Social Security
What is the Social Security Administration (SSA) definition of being disabled?
"Inability to engage in any substantial gainful activity (SGA) by reason of any medically determinable physical or mental impairment which can be expected to result in death, or which has lasted or can be expected to last for a continuous period of not less than 12 months." (federal law is very strict with their definition of disability - do NOT give $$ for partial disability)
Benefits for Children with disabilities SSI: Conditions that qualify for "immediate SSI payments to child"
(otherwise can take 3-5 mos. for state agency to decide if child is disabled) - HIV infection - Total blindness - Total deafness - Cerebral palsy - Down syndrome - Muscular dystrophy - Severe intellectual disorder (child age 7 or older) - Birth weight below 2 pounds, 10 ounces.
Retirement Benefits
- A part of retirement plan of almost every American worker: work earns credit towards SS benefits (need around 40 credits/10 years of work to be eligible. Amt owed is affected by age of retirement & earned income
What is Social Security DISABILITY INSURANCE (SSDI)?
- Disabled workers under 65 and their families (can't work due to medical condition that is expected to last at least one year or result in death) - Must meet earnings tests: (1) "recent work" test - based on age at start of disability (2) "duration of work" test - to show that person worked long enough to earn benefits under SS (certain family members of disabled workers can receive money from SSDI)
Who does Social Security provide support for?
- Older adult - Disability (illness or workers who become disabled) - Meant to SUPPLEMENT security income (based on life time earnings) - Survivor's insurance (spouse or parent dies)
Disability Benefits
- Social Security Disability Insurance Programs (Disability Insurance) - Supplemental Security Income (Supplemental Income)
Benefits for Children with Disabilities SSI
- Supplemental Security Income (SSI) - Child younger than 18 who meets definition of disability for children: child's condition(s) results in "marked and severe functional limitations" for at least 12 continuous months - Income & resources fall within eligibility limits (also considers income/resources of family members living in child's household)
SSDI for adults disabled since adulthood
- The SSDI program pays benefits to adults who have a disability that began before they became 22 years old. (paid on a parent's Social Security earnings record) - For a disabled adult to become "entitled to this child" benefit one of the parents: (Must be receiving Social Security retirement or disability benefits; or must have died and have worked long enough under Social Security)
To qualify for retirement benefits, a child must be...
- Unmarried - Under age 18 - 18-19 and a full-time student (no higher than grade 12) (*19 or 2 months after HS graduation...whichever is 1st) - 18 or older, disabled from a disability that started before age 22
Examples of benefits that survivors may receive:
- Widow or widower, full retirement age or older -- 100 percent of the deceased worker's benefit amount - Widow or widower, age 60 -- full retirement age -- 71½ to 99 percent of the deceased worker's basic amount - Disabled widow or widower aged 50 through 59 -- 71½ percent - Widow or widower, any age, caring for a child under age 16 or disabled -- 75 percent. - Divorced widow or widower-same benefits if married 10 or more
What is Social Security?
A program that uses public funds to provide a degree of economic security for the publicLargely a pay-as-you-go program. This means that today's workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries.
What are the 3 major elements of your retirement portfolio?
Benefits from pensions, savings and investments (401K), and Social Security benefits.
Where does Social Security Administration fit in U.S. Organizational chart?
Health and Human Services (HHS) oversees running the health programs offered by the Social Security Administration (SSA), including Medicaid and Medicare, but it does not oversee SSA (independent agency)
Survivor Social Security benefits
Survivor Benefits are also available to family members of a diseased benefit eligible persons: - child under age 18 (up to19 if still in elementary or secondary school) - or any age is disabled before 22 -- 75 percent.
While eligibility for Medicare & Medicaid is overseen by the Social Security Administration...
The actual health insurance program is administered by The Center for Medicare and Medicaid Services, a division of the Department of Health and Human Services (HHS).
What is Supplemental Security Income (SSI)?
funded by general tax revenue, not Social Security Taxes - Disabled persons under 65 who have very limited income and resources - disabled children under 18 - Blind adults (low wage earners) or children - Benefits are not based on prior work or family member's prior work - In most states, SSI beneficiaries eligable for Medicaid - Provides cash for basic needs such as food, clothing & shelter
