RMI 2101 Lecture 13: Topic 13- social insurance
26 Dec 2016
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Social security: oasdi (including medicare, worker"s compensation, unemployment insurance. Law states benefit amounts + eligibility: compulsory. Aimed at er / ee or both. Ui + wc: er pays full amount. Oasdi: er + ee share cost: government bares the risk. Worker"s comp is an exception- private insurance market. Tied to the labor market: need based. Oasdi- social security: 1935 fdr- (cid:498)new deal(cid:499, oa- old age. Di- disability insurance: 99% occupations covered by oasdi, financing of oasdi. Paid by ee"s + watched by er"s. Fica (federal income contributions act: 7. 65% on first ,500, 6. 2% for oasdi and 1. 45% for medicare part a, beyond ,500 1. 45% up to ,000, at ,000 add . 99% for aca, insured status in the program. Quarters of coverage (qc: covered occupation, earn + pay oasdi taxes of ,200 in 2016, maximum of 4 (qc) per year ,040, oasdi does not stop after earning 4 (qc) in 1 year.
