A government program that requires payment to anyone who meets specific qualifications, ensuring those who qualify are entitled to the payments. Examples include Social Security, Medicare, and food stamps.
The Federal Insurance Contributions Act (FICA) is a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare. Established by the Social Security Act of 1935, FICA contributes to long-term financial support for American retirees and other beneficiaries.
A Health Savings Account (HSA) is a type of savings account that lets individuals save for medical expenses tax-free. This account was established by the Medicare Prescription Drug, Improvement, and Modernization Act, which was signed into law by President George W. Bush on December 8, 2003.
Medicare, a federal health insurance program established under Title XVIII of the Social Security Act, provides basic health coverage to seniors aged 65 and over, individuals with permanent kidney failure, and those under 65 with long-term disabilities, administered by the Health Care Financing Administration with applications handled by the Social Security Administration.
Medicare Medical Insurance, also known as Medicare Part B, is an optional coverage offered to all Medicare Part A beneficiaries that aids in paying for physician services, outpatient care, home health services, durable medical equipment, and some preventive services.
Medigap is a type of health insurance policy designed to cover the areas of noncoverage under Medicare, including deductibles, coinsurance, and medical expenses that exceed Medicare's approved amounts.
The Self-Employment Contributions Act (SECA) taxes are imposed on the net earnings of individuals from self-employment. These contributions fund Social Security and Medicare programs for self-employed individuals.
The Self-Employment Contributions Act (SECA) is a federal law in the United States that imposes a tax on the income of self-employed individuals for the purposes of funding Social Security and Medicare programs.
Provision for Social Security (old-age, survivor's, and disability insurance) and Medicare (hospital insurance) for self-employed individuals. The rate is equal to the combined rates paid for Social Security by both employer and employee.
