Retirement Insurance benefits (RIB), or Old Age Insurance, are available to United States citizens under the Social Security Administration (SSA). Retirement insurance is distributed to those who have reached full retirement age, as dictated by the SSA, or have been forced to retire due to a disabilityAn applicant may only apply for Old Age Insurance after reaching full retirement age.
As the standard for retirement age is changing, this depends on the year in which the applicant was born. Another factor involved is English common law which declares a person to be of a certain age on the day prior to the actual birthday. If an applicant’s birthday is January 1st, and that is when they are to reach full retirement age, that applicant can submit their application based on the retirement age assigned to the previous year. At present, the retirement ages are assigned by the Social Security Administration as follows:
If the applicant is born between the years of 1943 and 1954, the full retirement age is 66.
If the applicant is born in 1955, the full retirement age is 66 and two months.
If the applicant is born in 1956, the full retirement age is 66 and four months.
If the applicant is born in 1957, the full retirement age is 66 and six months.
If the applicant is born in 1958, the full retirement age is 66 and eight months.
If the applicant is born in 1959, the full retirement age is 66 and ten months.
If the applicant is born in 1960 or later, the full retirement age is 67.
An old age insurance applicant may retire prior to the full retirement age, however, this will affect the amount of retirement benefits received. The SSA notes 62 as the earliest age for early retirement. If applying for retirement at the age of 62, the applicant may receive their retirement insurance with a 25 percent reduction.
An applicant may also retire later than their full retirement age. Doing so will increase the amount of benefits received. The SSA notes the age of 70 as the limit on the percentage increase of benefits for those that have decided to delay retirement.
Applicants may also continue to work while receiving Retirement Insurance benefits. The benefits package will not be affected unless the applicant’s earnings exceed certain limitations prior to reaching full retirement age as established by the Social Security Administration. Old Age insurance benefits may also be taxable depending on the earnings of the applicant.
If filing taxes as an Individual:
If combined earnings fall between $25,000 and $34,000 annually, Old Age Insurance benefits can be taxed up to 50 percent.
If combined earnings is greater than $34,000 annually, Retirement Insurance benefits can be taxed up to 85 percent.
If filing taxes along with a spouse:
If combined earnings fall between $32,000 and $44,000 annually, Old Age Insurance benefits can be taxed up to 50 percent.
If combined earnings fall are greater than $44,000 annually, Retirement Insurance benefits can be taxed up to 85 percent.
Medicaid is a government provided insurance program in the United States. While Medicare
Medicaid eligibility is prescribed on a case to case basis. The eligibility categories under the Medicaid program include children, women during pregnancy, adults with children that qualify for the program, and those suffering from disabilities. Again, in order to qualify for Medicaid benefits, applicants must be in a low income situation. Simply suffering from poverty does not guarantee Medicaid benefits. The Center for Medicare and Medicaid Services
Other eligibility criteria for Medicaid benefits include age, disability, blindness, income, and pregnancy. In regard to children, Medicaid benefits may be applied to a child who is a United States citizen or permanent resident. Even though the child can receive benefits, the child’s parent may not be eligible.
Medicaid benefits also extend to those with HIV and AIDS. Under Medicaid guidelines, an applicant with a T-cell count, or white blood cell count, below 200 can qualify for benefits. However, the Journal of the American Medical Association (JAMA) recommends treatment and care for individuals with a T-cell count below 350. Also, those low income applicants must have a condition that has progressed to AIDS to qualify in most situations.
Medicaid is provided by each state, though it is operated and administered differently in each state. Each state’s Medicaid program is then monitored by the CMS. States often pay up to half of the cost of Medicaid benefits for participants unlike Medicare which is paid for through designated Medicare taxes. Medicaid also differs from Medicare in that it is needs based not simply available for all citizens of a certain demographic.
State guidelines and provided benefits also vary in degrees of coverage, eligibility, and payment for Medicaid applicants. In addition to providing Medicaid benefits, some states offer applicants an option to enroll in the Health Insurance Premium Payment Program (HIPP). This allows participants to receive private health insurance paid for in part, or whole, by the Medicaid program.
States receive additional federal support to pay for Medicaid services. The amount of federal aid given to each state is based on a formula known as the Federal Medical Assistance Percentage. This percentage is based on the poverty level of each individual state. This percentage also helps to match payments made by each state to the Medicaid program.
While the Social Security Administration
(SSA) provides benefits for United States citizens through Medicare and
Medicaid, other benefits packages are attainable under the Social Security Act
of 1965. These benefits allow citizens to maintain a certain level of income so
that basic needs such as food, shelter and clothing are met.
However, in order
to receive these benefits under the SSA, applicants must have worked for a
minimum number of years and have paid Social Security taxes. Any benefits
received will be affected by these amounts. When having approached retirement
age, citizens may apply for
Public benefits are sources of support for United States citizens which are provided and funded by the federal government. Agencies like the Social Security Administration (SSA) and legislation like the Social Security Act of 1965 ensure that citizens in need of aid receive. Public benefits available include health insurance, health care, retirement income and disability income. Many of these programs are paid for by federal and state governments, however, some do require contributions by prospective applicants in the form of taxes.
Public benefits help ensure that United States citizens are receiving proper care and can maintain certain living standards. While considered forms of social welfare, these benefits also provide for the future of the American populace.
Medicare is an insurance program designed to provide citizens aged 65 and older with proper medical care. Medicare is funded through taxes attributed to an employee’s pay. The Medicare program contains four parts that encompass health care benefits for its participants. These four parts, A through D, cover hospital care, medical care, advantage plans and prescription drug plans.
Parts A through D are the backbone of the Medicare program and have been amended by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. This act updated and added guidelines to the program as health care and insurance providers had changed since the program’s inception in 1965.
Medicaid is another health insurance program created by the Social Security Administration for United States citizens. While Medicare focuses on care for senior citizens, Medicaid is designated for low income citizens. The Medicaid program is designed to help people with limited financial resources acquire adequate medical coverage as long as they qualify for eligibility.
The program is funded on two levels, state and federal. Each state has its own Medicaid program, however, these programs are governed on a federal level by the Center for Medicare and Medicaid ServicesStates provided coverage in varying degrees and may allow program participants to use private health insurance services. The program, is it varies by state, also receives different names in each state. In Maine, Medicaid is known as MaineCare. Wisconsin calls the program ForwardHealth. In Pennsylvania, the program is known as the Office of Medical Assistance Programs (OMAP).
Other Social Security Benefitsretirement age Social Security Disability Insurance (SSDI) are benefits paid to citizens that can no longer work due to a disability or medical condition. Based on the SSA’s review of the disability, the applicant may receive benefits until they are able to return to the job market or for as long as the medical condition persists. Supplemental Security Insurance (SSI) is another benefits package available to the elderly, disabled and blind from the SSA. These benefits are another form of social welfare and aim to help those with limited financial resources or disabilities.
The Veterans Health Administration (VHA) oversees hospitals and medical centers that provide care for United States military veterans. The VHA also trains doctors and nurses for the purposes of giving proper care to veterans.
Though in the past the VHA has received negative press for high mortality rates and poor patient evaluations, measures have been taken to ensure that these issues are no longer a cause for concern. These measures include updating facilities and creating centers for outpatient care. The VHA has also developed new systems to prevent medical malpractice on the behalf of doctors and nurses.
The VHA provides care for veterans regardless of gender or socioeconomic status. However, veterans must meet eligibility guidelines before care can be given.