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What's New in Social Security and Medicare Funding?
Based on a recent Federal report, the hospital fund for Medicare is projected to run out by 2026! Last year's projection predicted that these funds would expire in 2029. This means that NOW is the best time to take advantage of all that Medicare has to offer, before any drastic changes are made as a result of the rapidly dwindling funds. Social Security is currently projected to become insolvent in 2034.
If you're a senior eligible for Medicare and supplemental health insurance, you've come to the right place. MedicareCoverageFinder.com has the information, tools, and resources you need to make smart decisions about supplemental Medicare coverage. But first, let's learn more about Social Security and Medicare...
Social Security refers to the social programs under the Social Security Act (1935) and its amendments. Social Security is an extremely large program meant to assist Americans, particularly in the aspect of finances. Social Security The 6 programs in Social Security are the Federal Old-Age,Survivors, and Disability Insurance (OASDI), Health Insurance for the Aged and Disabled (Medicare), Temporary Assistance for Needy Families(TANF),Grants to States for Medical Assistance Programs for low income citizens (Medicaid), State Children's Health Insurance Program for low income citizens (SCHIP), Supplemental Security Income (SSI). The two largest and usually considered the most important are Medicare and OASDI.
Medicare is a national social insurance program. Medicare provides health insurance for Americans 65 years and older who have paid into the system. It also provides health insurance to younger people with disabilities, end stage renal disease (ESRD), and amyotrophic lateral sclerosis (ALS). Medicare consists of Part A: Hospital Insurance, Part B: Medical Insurance, Part C: Medicare Advantage plans, Part D: Prescription drug plans. Most people will get Part A for free and pay a premium for Part B. Part C: Medicare Advantage plans replace Part A and B and usually provide additional coverage but the services are only available within a given provider network. Part D is a supplement for people who have Part A and B and require prescription drug coverage.
OASDI is short for the Federal Old-Age, Survivors, and Disability Insurance. OASDI is the largest program within Social Security and it is what most people think of as "social security". This program pays monthly retirement benefits to retired workers aged 62 or older who have paid into the system as a form of social insurance to ensure retirees do not have to retire in relative poverty. The three most important factors that affect social security benefits are 1. Retirement Age 2. Work History and 3. Working while Taking Benefits.