Question
Employment > Retirement > Social Security Reform
Reform entitlement programs to ensure a sustainable future for Social Security, Medicare and Medicaid
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Background
Social Security [...] refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. [This] social insurance program [is] funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA). Tax deposits are formally entrusted to Federal Old-Age and Survivors Insurance Trust Fund, or Federal Disability Insurance Trust Fund, Federal Hospital Insurance Trust Fund or the Federal Supplementary Medical Insurance Trust Fund. The main part of the program is sometimes abbreviated (OASDI), in reference to its three beneficiaries (OA for retirement, S for widows and survivors income, D for the disabled, and I for insurance). [...] In 2004 the U.S. Social Security system paid out almost $500 billion in benefits. By dollars paid, the U.S. Social Security program is the largest government program in the world.
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Medicaid is the United States health program for individuals and families with low incomes and resources. It is jointly funded by the states and federal government, and is managed by the states. Among the groups of people served by Medicaid are eligible low-income parents, children, seniors, and people with disabilities. Medicaid is the largest source of funding for medical and health-related services for people with limited income.
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Medicare is a health insurance program administered by the United States government, covering people who are either age 65 and over, or who meet other special criteria.
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Medicaid is the United States health program for individuals and families with low incomes and resources. It is jointly funded by the states and federal government, and is managed by the states. Among the groups of people served by Medicaid are eligible low-income parents, children, seniors, and people with disabilities. Medicaid is the largest source of funding for medical and health-related services for people with limited income.
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Medicare is a health insurance program administered by the United States government, covering people who are either age 65 and over, or who meet other special criteria.
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