Social Security and Medicare History Present Configuration Future Projection GERO100 March 31, 2012 Hopefully we will all be physically able to work until the age of 65, collect retirement and Social Security and live an enriching life until we leave this world. Not all companies financially support their employees with fully funded retirement plans so it is left up to the individual to actively participate in saving for their future. When someone reaches retirement age, if the finances…

How Medicare is financed Medicare is funded by the Social Security Administration, which means it’s generally financed by taxpayers. Payroll taxes paid by most employers, employees, and people who are self-employed help finance Medicare. There are 4 parts of Medicare, each part is funded differently. Part A, the Hospital Insurance (HI) Trust fund is paid by taxpayers. Employees pay 1.45% of their earning into the Federal Insurance Contributions Act (FICA), which goes into the trust fund. Employers…

1. Who is eligible for Medicare? Person eligible for Medicare include individuals ages sixty-five and over, those with disabilities, and those with end-stage renal disease (Hammaker, 2011). here are three basic entitlement categories: persons 65 years of age or over who are eligible for retirement under Social Security or the railroad retirement system, persons under 65 years of age who have been entitled for at least 2 years to disability benefits under Social Security or the railroad retirement…

3) During the early stages of our adulthood, we often hear about Medicare and Social Security, but sometimes it doesn 't resonate how important those factors play in our future. Since 1966, Medicare has been providing health insurance to both the old and young while taking money from those who are able to work and provide for themselves. Meanwhile, Social Security is in charge of giving money to those who are old, disabled, widowed, and have low income through taxing citizens. Both of these federal…

People receiving Social Security and Medicare need to prepare for drastic changes. Social Security and Medicare in unity has been around since 1965. President Lyndon B. Johnson decided to help the elderly pay for expensive medical necessities from doctor visits to medicine. President Johnson knew that elderly individuals would have less income and pay more for medical necessities than younger individuals. He made Social Security and Medicare a number one priority during his presidency, unaware years…

People receiving Social Security and Medicare need to prepare for drastic changes. Social Security and Medicare in unity has been around since 1965. President Lyndon B. Johnson decided to help the elderly pay for expensive medical necessities from doctor visits to medicine. President Johnson knew that elderly individuals would have less income and pay more for medical necessities than younger individuals. He made Social Security and Medicare a number one priority during his presidency, not knowing…

The life-changing Comprehensive Social Security Assistance (CSSA) In October, I just turn 18. In this 18 years, there are some events that have a great impact on me. Between those events, I think that getting the Comprehensive Social Security Assistance (CSSA) from the Hong Kong government is the one which really change my life. It effects my life in both positive and negative ways. As its name implies, CSSA is a scheme to help the underclass and working poor. Under the scheme, the CSSA recipients…

Social Security at 80: Time to Retire? or Revise In 2015, America’s Social Security System turns 80 years old. The original act was a landmark bill, as it was the establishment of America’s safety net. The promise of the act was to ensure that America’s retirees would have some protection from poverty. Since the Social Security Act of 1935 was passed, the social safety net has been expanded to cover additional groups and classes of people. The most important additional programs established being…

Background on Medicare Medicare is a form of social insurance. It provides several types of health insurance to its beneficiaries. The large majority of those who benefit from medicare are people who are 65 years old or older. There are some exceptions to this for people under the age requirement but have certain disabilities or diseases. Medicare is made up of four parts: A, B, C, and D. Medicare part A is Hospital Insurance. This means that it covers the costs associated with a hospital visit,…

Medicare is a program created by the Social Security Act of 1965. It is a federally run medical health insurance program aimed at medical coverage for senior citizens over 65 years of age. Over the years, the program has expanded to cover other beneficiaries such as individuals with disabilities and has also evolved to add prescription drug benefits. The program has been immensely successful in bringing health services to millions of senior citizens and individuals with disabilities. Despite this…