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- 1965...a national health insurance program for all people 65 or older who are eligible for social security
- medicare
- 1965... health insurance for the poor
- medicaid
- 1965... provides a larger number of services intended to enhance independent living, including meals, personal care, and nursing services, day care, chore services, and meals on wheels
- older american act
- anyone under 70 who earned more than $15 month forfeited all his social security benefits. eliminated in 2000
- earnings test
- amount of preretirement pay that is replaced by the social security benefit
- replacement rate
- aka old age assistance... a means test for the aged, blind, and diabled poor as social assistance
- supplemental security income (ssi)
- the tax treatment of contribution to pension funds. pension funds are (E)xempt from taxation, pension savings are(E)xempt from taxes, and benifits are(T)axed as they withdraw retirement
- EET regime
- Insurance policies that pay for health care expenses not covered by medicare
- medigap policies
- monthly benefit provided to disabled workers younger than 65
- disability insurance
- received by people who have been unable to work as a result of disabilities
- ssi disability
- most americans 65+ are able to care for themselves
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* for workers
* provides economic security over the life course
* Medicare and disability insurance social security - Social insurance program
- contributions that help pay for social insurance benefits
- payroll taxes
- everyone pays the same amount in taxes no matter what the income
- regressive taxes
- indirect payments to individuals through the tax system
- fiscal welfare
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fiscal welfare
* a special income tax implemented through a tax code. also known as tax breaks (health insurance, home mortgage interest) - tax expenditures
- marked the initiation of the American welfare state and created Social security and old age assistance
- social security act of 1935
- provides income to retirees and benefits also help manage the exit of older workers from labor force
- social security
- converted to ssi in 1972 and provided for the aged poor who had not earned the right to social security benefits
- old age assistance
- provide income for workers of all ages who were unable to work
- disability insurance
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* for the poor
* based on a set of values that presume people suffer from lack of medical care, food, housing, and income - Social Assistance Program
- to prove people are worthy of support
- means test
- Medicaid and Supplemental Security Income
- types of social assistance
- the higher the income, the higher the tax rate
- progressive taxes