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    Social Insurance and Its Characteristics

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    Subhan Imran
    Social insurance programs provide protection against economic risks like loss of income due to old age, disability, or other factors. The main social insurance program in the US is Social Security, which was established in 1935. To receive benefits under Social Security, an individual must have earned a certain number of credits through covered employment. Benefits are provided to retired workers, disabled workers, survivors of deceased workers, and for medical costs under Medicare.

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    Social Insurance and Its Characteristics

    Uploaded by

    Subhan Imran
    16 views19 pages
    Social insurance programs provide protection against economic risks like loss of income due to old age, disability, or other factors. The main social insurance program in the US is Social Security, which was established in 1935. To receive benefits under Social Security, an individual must have earned a certain number of credits through covered employment. Benefits are provided to retired workers, disabled workers, survivors of deceased workers, and for medical costs under Medicare.

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    Social Insurance and its Characteristics

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    Social Insurance and its Characteristics

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    Social insurance programs provide protection against economic risks like loss of income due to old age, disability, or other factors. The main social insurance program in the US is Social Security, which was established in 1935. To receive benefits under Social Security, an individual must have earned a certain number of credits through covered employment. Benefits are provided to retired workers, disabled workers, survivors of deceased workers, and for medical costs under Medicare.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    16 views19 pages

    Social Insurance and Its Characteristics

    Uploaded by

    Subhan Imran
    Social insurance programs provide protection against economic risks like loss of income due to old age, disability, or other factors. The main social insurance program in the US is Social Security, which was established in 1935. To receive benefits under Social Security, an individual must have earned a certain number of credits through covered employment. Benefits are provided to retired workers, disabled workers, survivors of deceased workers, and for medical costs under Medicare.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 19

    Social Insurance

    and its
    Characteristics

    RABIA ADREES BCO19-007


    ANEESA RAMZAN BCO19-001
    INTRODUCTION

    Social
    Insurance
    By
    ANEESA RAMZAN
    INTRODUCTION
    Social insurance is a form of social
    welfare which provide insurance
    against economic
    risks.
    It include government programs that
    protect against financial losses like loss
    of earning in old age , disability and
    such other factors.
    Social Insurance
    Programs
    These programs protect society from social problems
    that affect seriously.
    It includes:
    1 Social security program
    2 Unemployment Insurance Program
    3 Economic Security program
    Characteristics
    of
    Social Insurance
    By
    ANEESA RAMZAN
    CHARACTERISTICS
    1. Compulsory projects
    2. Inflow of income
    3. Benefits loosely related to earnings
    4. Benefits prescribed by law
    5. No Means test
    The Old-Age,
    Survivors, and
    Disability Insurance
    (OASDI) program
    By
    RABIA ADREES
    The Old-Age, Survivors, and Disability
    Insurance (OASDI) program
    It is commonly known as Social Security, is the
    most important social insurance program In the
    United States. Social Security was enacted into
    Law as a result of the Social Security Act of 1935.
    More than nine out of ten workers are working in
    Occupations covered by Social Security, and about
    one In six persons receives a monthly cash
    benefit.
    Determination of Insured Status
    Before you or your family can receive benefits,
    you Must have credit for a certain amount of
    work in Covered employment. Credits can be
    earned anytime .During the year. For 2015,
    you receive one credit (also called a quarter of
    coverage) for each $1,220 Of covered
    earnings. A maximum of four credits can be
    earned each year. The amount of covered
    earnings . disability-insured status.
    Determination of
    Insured Status
    It may include
    1. Fully Insured
    2. Current insured
    3. Disability insured
    Fully Insured
    To be eligible for retirement benefits, You
    must be fully insured. You are fully insured
    for Retirement benefits if you have 40
    credits. However, For people born before
    1929, fewer credits are Required
    Currently Insured
    You are currently insured if you Have
    earned at least six credits during the
    last 13 calendar quarters ending with
    the quarter of death, disability, or
    entitlement to retirement benefits
    Disability Insured
    You must meet two work tests to be disability
    insured:
    1. A recent work test and
    2. A duration of work test.
    The number of credits Required to meet the recent work
    test depends on your age when you become disabled
    SURVIVOR
    BENEFITS
    By
    RABIA ADREES
    Survivor Benefits
    Benefits can be paid to the dependents of a deceased
    worker who is either fully or currently Insured. For certain
    survivor benefits, a fully insured status is required. Social
    security survivor benefits provide a substantial amount of
    financial protection to families in terms of private life
    insurance, Survivor benefits are especially valuable for
    younger families
    Categories
    Members with following categories
    I. Unmarried children younger than age 18. Survivor benefits can be paid to
    unmarried children
    II. Younger than age 18 (younger than 19 if fulltime elementary or high school
    students
    III. Unmarried disabled children. Unmarried children age 18 or older who become
    severely
    IV. Disabled before age 22 are eligible for survivor
    V. Benefits based on the deceased parent’s earnings
    VI. Surviving spouse with children younger than age 18
    Medicare

    By
    RABIA ADREES
    Medicare
    Medicare is an important part of the total Social Security
    program that covers the medical expenses of most persons
    age 65 and older. Medicare also covers disabled persons
    younger than age 65 who have been entitled to disability
    benefits for at least 24 months. In addition, the program
    covers persons younger than age 65 who need long-term
    kidney dialysis treatment or a kidney transplant. The
    Medicare program is complex and controversial

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