Week 7 Discussion: Educating Older Persons

Social Security Social Insurance: no income/asset limits (49 million beneficiaries)

Supplemental Security Income

Public Assistance: income/asset limits (73 million recipients)

Medicare Social Insurance: no income/asset

limits (42 million patients)

Financing: payroll tax, income tax on Social Security benefits, and interest earned by Social Security’s trust funds.

Financing: general revenues of federal government.

Financing: payroll tax, income tax on Social Security benefits, interest earned by Medicare’s trust funds, and general revenues of federal government.

Retirement Insurance (34 million beneficiaries) retired workers 62 or older (31 million) plus benefits for family members: spouses & ex-spouses (2.5 mm) • Spouses 62+, or child-in-care • ex-spouses 62+

children (1.7 million) • < age 18 or • 18-19 in high school or • Adult, disabled since childhood

Three Requirements 1. Aged, blind, or disabled 2. U.S. citizen & U.S. resident 3. Must not exceed income and

asset limits

Part A Hospital Insurance • Inpatient hospital care • Skilled nursing benefit • Skilled care for home-bound • Hospice

Part B Medical Insurance • Doctor bills • Out-patient hospital • Durable medical equipment • Medical supplies

Part C Medicare Advantage • HMOs, PPOs, PFFs, MSAs

Part D Medicare Rx • Prescription drug coverage Medicare does not cover long-term care.

Aged 65+ (2 million)

Blind (120,000)

Disabled (5.3 million) Adults age 18+ (4.2 million) Children < age 18 (1.1 million)

Disability Insurance (8.6 million)

disabled workers (6.8 million)

plus benefits for family members:

spouses & exes (153,000) • Spouses 62+ or child-in-care • Ex-spouses 62+

children (1.7 million) • < age 18 or • 18-19 in high school or • Adult, disabled since childhood

Important Notes About SSI • Spouses are considered

dependent on each other. • Children (< 18 years) are

considered dependent on their parents.

• A few states supplement federal SSI payments.

• About 2.6 million Americans receive both SSI and Social Security.

Qualifying for Medicare • Age 65+ (35 million) • Kidney disease (86,000) • Social Security disability for two

years (6.7 million) • Social Security disability due to ALS

Survivor Insurance (6.6 million)

spouses & ex-spouses (4.7 million) • Age 60+ (4.3 million) or • Child-in-care (171,000) or • Disabled at age 50+ (214,000)

children (1.9 million) • < age 18 or • 18-19 in high school or (65,000) • Adult, disabled since childhood

(500,000) parents 62+ (1889)

Medicare Supplements • Medicaid or QMB • Medicare Advantage • Insurance from former employer • TRICARE-for-Life • Medigap insurance (A-L) Medicare is not Medicaid

*Figures are from 2008-2009.