Chapter 10 : Social Security

Question 1

Quarter of Coverage

Answer 1

A basic unit for determining whether a worker is insured under the social security program.

Question 2

FICA

Answer 2

Federal Insurance Contributions Act are used to fund the SS. Must pay in

Question 2

Social Security Act of 1935

Answer 2

65+, enacted by Senate and House of Representatives
Entitlement program, not welfare

Question 3

Credits

Answer 3

Fully insured: 40 quarter, 10 year rule to be fully insured and have their death benefits extended to the family

Question 4

Fully Insured

Answer 4

death benefits, disability benefits and medicare benefits.
40 quarters

Question 5

Currently insured

Answer 5

Only death benefits

Question 6

OASDI

Answer 6

Old Age, survivor and disability insurance (ie. Social Secuirty).
Federal government imposes a tax on earned income that must be withheld by your employer

Question 7

Primary Insurance Amount (PIA)

Answer 7

the benefit a person would receive if he/she elects to receiving benefits at the normal age.

Question 8

Blackout period

Answer 8

A period following the death of a family breadwinner during which no social security benefits are available to the surviving spouse.

Question 9

Supplemental Security Income

Answer 9

Low-income program for disablity

Question 10

Taxation of Social Security Benefits

Answer 10

Individual: income > $25,000
Joint: income > $32,000

Question 11

How are social security benefits calculated?

Answer 11

Average indexed monthly earnings during their working years.

Question 12

PIA

Answer 12

Primary insurance amount
Age 65 retirement
Contributed at least 10 years/40 quarters worth

Question 13

Who are not offered social security coverage? (3)

Answer 13

1. federal employees hire before 1984
2. 25% of state and local government employees
3. railroad workers

Question 14

Disability benefits

Answer 14

40 quarters
20 quarters must be earned immediately preceding the disabling event

Question 15

Survivor benefits, Currently insured

Answer 15

Earned at least 6 quarters of coverage in the 13 quarters immediately preceding death or disability.

Question 16

Currently insured and limited survivor benefits

Answer 16

6 credits during the last 13-quarter period

Question 17

Minimum requirement for workers under age 24 for currently insured status

Answer 17

6 credits in the last 3 years

Question 18

Death/Survivor Benefit

Answer 18

Lump sum death benefit: $255
Monthly income equal to the deceased spouse’s PIA at death

Question 19

What is the SS benefit % given to an underage child of a deceased worker?

Answer 19

75%

Question 20

Disability Insurance

Answer 20

1. inability to engage in occupation for 12 months or death
2. 5 month waiting period
3. Based on the workers PIA

Question 21

Full Medicare Benefits if:

Answer 21

1. 65+
2. US Citizen/legal resident for 5 years
3. 40 credits / 10 yrs of work
4. paid medicare taxes for 10 years or have a spouse who paid it

Question 22

Disabled Persons under age 65
must wait for 24 months unless: (2)

Answer 22

ALS Amyotrophic Lateral Sclerosis, lou gehrigs
end stagge renal disease

Question 23

Part A Medicare includes:

Answer 23

AKA. Hospital Insurance
1. Inpatient hospital care
2. Skilled nursing care
3. Home health care
4. Hospice care

*Assigns a new benefit period per claim, instead of per year.

Question 24

Part B Medicare

Answer 24

AKA. Supplemental Medical Insurance
1. Doctor’s service
2. Outpatient medical
3. Medical supplies
4. Durable medical equipment
5. Physicians, surgeons and anesthesiologists
6. Preventative services

*Monthly premium

Question 25

How much do employers, employees and self-employed fund social insurance programs?

Answer 25

1. Employers = 7.65%
2. Employees = 7.65%
3. Self-employed = 15.3%