Academic Integrity: tutoring, explanations, and feedback — we don’t complete graded work or submit on a student’s behalf.

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.

Most companies award vacation and sick-leave time according to seniority. Should companies base the allocation of these benefits on employee performance? Discuss the rationale for your answer.

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

.