Full Retirement Age
How will I or anyone including my child be able to afford to take care of our aging loved ones? This is the big question of many people now a days. Reason being that with people living longer in life and many other factors playing into this dilemma. It 's more or less being left up to the next generation which is either the children or grandchildren to take care of the aging elderly family members. The financial aspect of this question is the biggest problem to date. With social security and medicare being cut back there are concerns about if we will have any financial help when it comes time to take care of our aging loved ones. Social Security with it dropping down in the amount of money that is given to be a person now will definitely be
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different in the years to come. With budget cuts coming ahead it 's only a matter of time before Social Security is completely extinguished from existence. By the time myself or my son gets to collect there probably will be nothing to collect to take care of my parents or his parents. The averag of money now that someone receives per month is only about $3000 per month. Taking into consideration that cost of living keeps going up and our income goes down, it really isn 't much money to live on. Medicare is another source of income and insurance that keeps getting cut back. Without any kind of health insurance plan, the aging parents won 't be able to afford any medical bills that may come in down the road. Without social security and medicare our parents will be living either in facilities or with us. Families now a days struggle as it is to make ends meet. Add a couple of more mouths to feed and shelter then our family financial status will become lower. Social SecurityAct, originally enacted in 1935. The original social security act hs been modified many times. It 's a public program that was designed to provide income and services to individuals in the event of retirement, sickness, disability, death or unemployment. OASDI, Medicare hospital insurance, and various other Medicare components are separately financed segments of the social security program. The OASDI program provides benefits for the aged, for the disabled, and for survivors of deceased workers. The cash benefits for OASDI are financed by earmarked payroll taxes levied on employees, their employers, and the self- employed. The rate of these contributions is based upon the employee 's taxable earnings, up to a maximum taxable amount, with the employer contributing an equal amount; the self-employed person contributes twice the amount levied on an employee. The hospital insurance portion of Medicare (known as Part A) is, for the most part, similarly finance through payroll taxes. the maximum amount of income subject to taxation 40 a sti, originally $3000, had risen to $97,500 by 2007; since 1994, there has been no taxable maximum for Medicare. Benefit amounts for an individual
Name 2
worker are lower or higher depending on the age at which the person elects to begin receiving them and last for the individual 's remaining lifetime, however long or short it may be.
"Full retirement age" ranges from 65 years exactly (for those born in 1937 or earlier) to 67 (for those born 1960 or later). Persons may elect to receive retirement benefits prior to "full retirement age," starting as early as age 62, but these will be less and may be subject to limitations based on earnings. The maximum social security benefit for an individual worker retiring at full retirement age in January 2007 (65 years and 10 months) was estimated at $2116 per month. The average monthly benefit for a retired worker was $1044; for a disabled worker, $979; for an elderly couple, both receiving benefits, $1713; and for a widowed mother with two children, $2167. Reductions still applied to those filling for (early) social security retirement benefits between age 62 (the legal minimum) and full retirement age. In 2007, for example, working persons who reach the age of 62 but are below full retirement age and have annual earnings above $12,960 lose a portion …show more content…
of any social security benefits (the months prior to full retirement age in the year the person reaches that age). According to World Almanac of 2009 edition in 2008 the maximum the family benefit for work a retiring at age 65 years and 10 months for lower earnings is $1278.60; for medium earnings $2564.80; for maximum earnings $3825. Every worker with spouse claiming benefits at age 62 for lower earnings will bring home only $963 per month. For medium earnings they will only bring home $1,588 per month; for maximum earnings the income for the month will be $2,452. Medicare program was introduced in 1966, it was administered by the Social Security Administration, in 1977 the program was transferred to the newly created Health Care Financing Administration (HCFA), subsequently renamed the Center for Medicare and Medicaid Service (CMS).
CMS also exercises federal responsibility for Medicaid, as well as for the State children 's health insurance program(SCHIP). Medicare benefits are divided into four parts. Part A consist of a basic hospital insurance plan covering inpatient hospital care, extended care home health services, and hospice care for terminally ill participants. is a voluntary medical insurance program covering physicians fees, outpatient services,and test and other medical services not covered in Part A. Part C,also known as Medicare Advantage is an alternative to Parts A and B, offering expanded private insurance coverage options for Medicare participants; these expanded options include health maintenance organizations and other coordinated-care plans (in which the patients choice is restricted to a particular plan physicians, specialist, and facilities) as well as on restricted fee-for-services plans.Part D is a voluntary program that provides subsidized access two prescriptions drug insurance coverage participants in plan D are covered either through standalone plans or Medicare Advantage program. Medicare cost are met by social security contributions, monthly premiums from participants, and general
revenues. Prescription drug
Name3
coverage, beginning in January of 2006 accounted for the major portion of the law 's price tag, put at some $400 billion over 10 years. under the new scheme, Medicare clients could be responsible for paying the first $250 a prescription drug cost each year, and then 25 percent of the next two thousand dollars, with the remaining 75 percent covered by Medicare. Cost between $2250 and $5,100 would become entirely by that individual, and be capped at $3,600, plus 5 percent of any amount over over $5,100. Premiums paid by the client would likely vary in different parts of the country, but are expected to average about35 dollars a month in 2006. For the period until 2006, Medicare clients will be offered discount cards providing savings of 10 to 25 percent off retail prices on some drugs. consequently, to encourage him for years to continue their existing drug coverage, the law provides them with $88 billion in subsidies. so called Medigap policies that help Medicare clients cover out of pocket will continue to exist, although policy sold beginning in 2006 will not be permitted to offer a drug benefit. Medicaid is the other medical coverage. Medicaid is a federal state program that usually is operated by state welfare or health departments, within the guidelines issued by the CMS. Medicaid furnishes basic services too needy persons, including inpatient and outpatient hospital care, prenatal care, nurse-midwife services, children 's vaccinations, physicians services, family planning services and supplies, skilled nursing-home or home-health-care services for adults, and laboratory and X-ray services. eligible recipients includes families in certain children who qualify for public assistance aged blind and disabled adults or covered under that supplemental security income program of the Social Security Administration are also it 's about in most states. In addition, states may include the persons and families termed medically needy who meet eligibility requirements except those for financial assistance each state decide to qualifies for Medicaid benefits and which services to include. Some of the benefits right frequently provided our dental care the cost of drugs I glasses and hearing aids and services for persons with mental disabilities. In determining eligibility for the program a state may not hold adult children responsible for medical expenses of their parents. Medicaid enrollment reached about 50 million in 2008. As cost rose and coverage expanded, Medicaid expenditures increased from $23 billion in 1980 to over $330 billion 2007 representing about 2.3% of the gross domestic product. Over the following 10 years these expenditures were expected to double. Many people assume that Medicare will cover long- term care, but at most it covers 100 days of rehabilitation, not so-called custodial care- - the help with activities of daily life, like eating and bathing, that the aged can need for years. to be eligible for Medicaid, however, a person typically can have no more than $14,800 in assets, and though some lawyers specialize in setting up trusts that shelter certain assets, the federal government has periodically closed loopholes that allowed it. (Bernstein, With Medicaid, Long-Term Care Of Elderly Looms as a Rising Cost, The New York Times Sept. 7, 2012). No state has a more ambitious plan to overhaul Medicaid and New York, which has the biggest medicate budget in the country- - $54 billion- - and Name 4
spends about 41 percent of it for long- term care, almost half on nursing homes. by 2015, New York will start requiring some 78,000 nursing home residence to choose one of several managed care plans or the Enrolled randomly. The plans are already and rolling tens of thousands of elderly and disable New York City residents to who now receive more than 120 hours a week of government paid help at home, with does in other downstait counties next. "We in New York are committed to using this is a force for good,"Mr.Helgerson said, noting that such services, including the largest home care program in the country, have won Bin exempted from managed care. "By keeping people healthy, by keeping them out of unnecessarily restrictive, institutional settings, we can keep the program substantial in the long run." There are others that say this program will not work for all. Dr. Stephen Kaye says, states may wind up unleashing a pent up demand for home care from eligible people who wouldn 't never have enter the nursing home anyway. He also stated that the financial incentive for home care do not guarantee quality. He also said," it needs to be monitored with a lot of oversight." Under the block grant vision of Medicaid, that federal role in oversight would end. Richard J. Herrick, president of the new york state healthfacilities Association, a trade group, says that since Medicaid rates have been cut well below cost, he would welcome a change in rules that would be let nursing homes billfamilies for their elders care, in editions to what medicaid pays. Advocates for the elderly say that such a change would increase the burden of care already carried by many families. Judith Graham from the New York Times wrote an article about how and where we stand in the future to come with care givers being fewer. Graham states, AARP 'S Public Policy Institute issued a report on Monday suggesting that potentialcaregivers will be in much shorter supply starting in 2026- just 13 years from now- when the first baby boomers begin to turn 80. According to the report, there will be a shortage of both unpaid caregivers- typically, family or close friends- as well as paid caregivers, like home care aids & personal care attendants. The data highlighted in the AARP study is startling. In 2010 there were 7.2 individuals of prime caregiving age --45 to 64 years old-- for every person age 80 or older. By 2030, the "caregiver support ratio" (proportion of peoplein prime caregiving years to those age 80 or above) will drop 4.1 then plunge to 2.9, by 2050 according to a our AARP 's projections. About 14% potential caregivers found themselves actually providing care to someone age 80 or older in 2009, according to the AARP. Another 14 percent helped someone younger than 80. The larger the pool, the more likely it is then someone will be able to step forward and assume what often are challenging responsibilities. In 2010 more than half of adults age 80 and older had a severe disability, and 30 percent needed help with bathing, using the toilet, dressing, cooking, eating, paying bills or other routine activities. Whether similar trends will apply in the decades ahead is an open question.
The raw numbers are: The population of baby boomers stood at 78 million in 2010, and it is expected to decline to 60 million in 2030 and 20 million in 2050 as members die off. The aging of this generation will swell the ranks of those age 80 and older from 11 million in 2010 to 20 million in 2030, then to 34 million and 2050. people in the Hat 45 to 64 age group numbered 82 million in 2010; that will essentially safe last at 83 millions in 2030 and rise to 99 million by 2050, according to figure supplied by a RP upon request. "What these Name 5 numbers tell us is that relying on family and friends to provide long-term care may be unrealistic in the future. " "When There 's No Family", is what Paula Span wrote as her title for her article. In this article she tells us that Ten years ago, the American Bar Association 's Commission on Law and Aging looked into this problem and cited estimates that perhaps 4 percent of older adults are "the unbefriended elderly, " a chilling phrase referring to those who can 't make decisions for themselves, have no advance directive or surrogate decision maker, and have no family or friends able to assist. Span says, it 's an important question: If you don 't have relatives or close friends who can serve as your health care proxy or hold your power of attorney (which in most states involve two separate documents) are you supposed to resign yourself to whatever the emergency room physician or intensive care staff member decides to do, or not do, when you can 't direct your own care?
She also tells us that even with thinking ahead with the advanced directives, that someone still has to bring the documents to the attention of medical personnel. This person becomes what is called a forceful advocate on an incapacitated patient 's behalf. A suggestion is a care committee. Many people choose to have their attorney become their health care proxy but also have even chose their doctors. Getting these professionals to agree to take on this role is the other part of the task. Span closes her article with saying, that the court system can appoint a legal guardian to make those decisions on the elders behalf. But says that moast seniors don 't want to relinquish their independence or freedom away. So with all the statistics of numbers and laws that play into our lives in how our aging loved ones will be cared for, and where will we be financially in taking on this responsibility. Our children will have todo the same when we get to that point. It 's a great responsibility to take on.
Works Cited
(Bernstein, "With Medicaid, Long-Term Care Of Elderly Looms as a Rising Cost", The New York Times Sept. 7, 2012) (Span, Paula"When There 's No Family", The New York Times Sept. 23, 2013)
(Social Security. " Encyclopedia. Issues & Controversies." Facts On File News Services, n.d. Web. 9 Oct. 2013. .)
different in the years to come. With budget cuts coming ahead it 's only a matter of time before Social Security is completely extinguished from existence. By the time myself or my son gets to collect there probably will be nothing to collect to take care of my parents or his parents. The averag of money now that someone receives per month is only about $3000 per month. Taking into consideration that cost of living keeps going up and our income goes down, it really isn 't much money to live on. Medicare is another source of income and insurance that keeps getting cut back. Without any kind of health insurance plan, the aging parents won 't be able to afford any medical bills that may come in down the road. Without social security and medicare our parents will be living either in facilities or with us. Families now a days struggle as it is to make ends meet. Add a couple of more mouths to feed and shelter then our family financial status will become lower. Social SecurityAct, originally enacted in 1935. The original social security act hs been modified many times. It 's a public program that was designed to provide income and services to individuals in the event of retirement, sickness, disability, death or unemployment. OASDI, Medicare hospital insurance, and various other Medicare components are separately financed segments of the social security program. The OASDI program provides benefits for the aged, for the disabled, and for survivors of deceased workers. The cash benefits for OASDI are financed by earmarked payroll taxes levied on employees, their employers, and the self- employed. The rate of these contributions is based upon the employee 's taxable earnings, up to a maximum taxable amount, with the employer contributing an equal amount; the self-employed person contributes twice the amount levied on an employee. The hospital insurance portion of Medicare (known as Part A) is, for the most part, similarly finance through payroll taxes. the maximum amount of income subject to taxation 40 a sti, originally $3000, had risen to $97,500 by 2007; since 1994, there has been no taxable maximum for Medicare. Benefit amounts for an individual
Name 2
worker are lower or higher depending on the age at which the person elects to begin receiving them and last for the individual 's remaining lifetime, however long or short it may be.
"Full retirement age" ranges from 65 years exactly (for those born in 1937 or earlier) to 67 (for those born 1960 or later). Persons may elect to receive retirement benefits prior to "full retirement age," starting as early as age 62, but these will be less and may be subject to limitations based on earnings. The maximum social security benefit for an individual worker retiring at full retirement age in January 2007 (65 years and 10 months) was estimated at $2116 per month. The average monthly benefit for a retired worker was $1044; for a disabled worker, $979; for an elderly couple, both receiving benefits, $1713; and for a widowed mother with two children, $2167. Reductions still applied to those filling for (early) social security retirement benefits between age 62 (the legal minimum) and full retirement age. In 2007, for example, working persons who reach the age of 62 but are below full retirement age and have annual earnings above $12,960 lose a portion …show more content…
of any social security benefits (the months prior to full retirement age in the year the person reaches that age). According to World Almanac of 2009 edition in 2008 the maximum the family benefit for work a retiring at age 65 years and 10 months for lower earnings is $1278.60; for medium earnings $2564.80; for maximum earnings $3825. Every worker with spouse claiming benefits at age 62 for lower earnings will bring home only $963 per month. For medium earnings they will only bring home $1,588 per month; for maximum earnings the income for the month will be $2,452. Medicare program was introduced in 1966, it was administered by the Social Security Administration, in 1977 the program was transferred to the newly created Health Care Financing Administration (HCFA), subsequently renamed the Center for Medicare and Medicaid Service (CMS).
CMS also exercises federal responsibility for Medicaid, as well as for the State children 's health insurance program(SCHIP). Medicare benefits are divided into four parts. Part A consist of a basic hospital insurance plan covering inpatient hospital care, extended care home health services, and hospice care for terminally ill participants. is a voluntary medical insurance program covering physicians fees, outpatient services,and test and other medical services not covered in Part A. Part C,also known as Medicare Advantage is an alternative to Parts A and B, offering expanded private insurance coverage options for Medicare participants; these expanded options include health maintenance organizations and other coordinated-care plans (in which the patients choice is restricted to a particular plan physicians, specialist, and facilities) as well as on restricted fee-for-services plans.Part D is a voluntary program that provides subsidized access two prescriptions drug insurance coverage participants in plan D are covered either through standalone plans or Medicare Advantage program. Medicare cost are met by social security contributions, monthly premiums from participants, and general
revenues. Prescription drug
Name3
coverage, beginning in January of 2006 accounted for the major portion of the law 's price tag, put at some $400 billion over 10 years. under the new scheme, Medicare clients could be responsible for paying the first $250 a prescription drug cost each year, and then 25 percent of the next two thousand dollars, with the remaining 75 percent covered by Medicare. Cost between $2250 and $5,100 would become entirely by that individual, and be capped at $3,600, plus 5 percent of any amount over over $5,100. Premiums paid by the client would likely vary in different parts of the country, but are expected to average about35 dollars a month in 2006. For the period until 2006, Medicare clients will be offered discount cards providing savings of 10 to 25 percent off retail prices on some drugs. consequently, to encourage him for years to continue their existing drug coverage, the law provides them with $88 billion in subsidies. so called Medigap policies that help Medicare clients cover out of pocket will continue to exist, although policy sold beginning in 2006 will not be permitted to offer a drug benefit. Medicaid is the other medical coverage. Medicaid is a federal state program that usually is operated by state welfare or health departments, within the guidelines issued by the CMS. Medicaid furnishes basic services too needy persons, including inpatient and outpatient hospital care, prenatal care, nurse-midwife services, children 's vaccinations, physicians services, family planning services and supplies, skilled nursing-home or home-health-care services for adults, and laboratory and X-ray services. eligible recipients includes families in certain children who qualify for public assistance aged blind and disabled adults or covered under that supplemental security income program of the Social Security Administration are also it 's about in most states. In addition, states may include the persons and families termed medically needy who meet eligibility requirements except those for financial assistance each state decide to qualifies for Medicaid benefits and which services to include. Some of the benefits right frequently provided our dental care the cost of drugs I glasses and hearing aids and services for persons with mental disabilities. In determining eligibility for the program a state may not hold adult children responsible for medical expenses of their parents. Medicaid enrollment reached about 50 million in 2008. As cost rose and coverage expanded, Medicaid expenditures increased from $23 billion in 1980 to over $330 billion 2007 representing about 2.3% of the gross domestic product. Over the following 10 years these expenditures were expected to double. Many people assume that Medicare will cover long- term care, but at most it covers 100 days of rehabilitation, not so-called custodial care- - the help with activities of daily life, like eating and bathing, that the aged can need for years. to be eligible for Medicaid, however, a person typically can have no more than $14,800 in assets, and though some lawyers specialize in setting up trusts that shelter certain assets, the federal government has periodically closed loopholes that allowed it. (Bernstein, With Medicaid, Long-Term Care Of Elderly Looms as a Rising Cost, The New York Times Sept. 7, 2012). No state has a more ambitious plan to overhaul Medicaid and New York, which has the biggest medicate budget in the country- - $54 billion- - and Name 4
spends about 41 percent of it for long- term care, almost half on nursing homes. by 2015, New York will start requiring some 78,000 nursing home residence to choose one of several managed care plans or the Enrolled randomly. The plans are already and rolling tens of thousands of elderly and disable New York City residents to who now receive more than 120 hours a week of government paid help at home, with does in other downstait counties next. "We in New York are committed to using this is a force for good,"Mr.Helgerson said, noting that such services, including the largest home care program in the country, have won Bin exempted from managed care. "By keeping people healthy, by keeping them out of unnecessarily restrictive, institutional settings, we can keep the program substantial in the long run." There are others that say this program will not work for all. Dr. Stephen Kaye says, states may wind up unleashing a pent up demand for home care from eligible people who wouldn 't never have enter the nursing home anyway. He also stated that the financial incentive for home care do not guarantee quality. He also said," it needs to be monitored with a lot of oversight." Under the block grant vision of Medicaid, that federal role in oversight would end. Richard J. Herrick, president of the new york state healthfacilities Association, a trade group, says that since Medicaid rates have been cut well below cost, he would welcome a change in rules that would be let nursing homes billfamilies for their elders care, in editions to what medicaid pays. Advocates for the elderly say that such a change would increase the burden of care already carried by many families. Judith Graham from the New York Times wrote an article about how and where we stand in the future to come with care givers being fewer. Graham states, AARP 'S Public Policy Institute issued a report on Monday suggesting that potentialcaregivers will be in much shorter supply starting in 2026- just 13 years from now- when the first baby boomers begin to turn 80. According to the report, there will be a shortage of both unpaid caregivers- typically, family or close friends- as well as paid caregivers, like home care aids & personal care attendants. The data highlighted in the AARP study is startling. In 2010 there were 7.2 individuals of prime caregiving age --45 to 64 years old-- for every person age 80 or older. By 2030, the "caregiver support ratio" (proportion of peoplein prime caregiving years to those age 80 or above) will drop 4.1 then plunge to 2.9, by 2050 according to a our AARP 's projections. About 14% potential caregivers found themselves actually providing care to someone age 80 or older in 2009, according to the AARP. Another 14 percent helped someone younger than 80. The larger the pool, the more likely it is then someone will be able to step forward and assume what often are challenging responsibilities. In 2010 more than half of adults age 80 and older had a severe disability, and 30 percent needed help with bathing, using the toilet, dressing, cooking, eating, paying bills or other routine activities. Whether similar trends will apply in the decades ahead is an open question.
The raw numbers are: The population of baby boomers stood at 78 million in 2010, and it is expected to decline to 60 million in 2030 and 20 million in 2050 as members die off. The aging of this generation will swell the ranks of those age 80 and older from 11 million in 2010 to 20 million in 2030, then to 34 million and 2050. people in the Hat 45 to 64 age group numbered 82 million in 2010; that will essentially safe last at 83 millions in 2030 and rise to 99 million by 2050, according to figure supplied by a RP upon request. "What these Name 5 numbers tell us is that relying on family and friends to provide long-term care may be unrealistic in the future. " "When There 's No Family", is what Paula Span wrote as her title for her article. In this article she tells us that Ten years ago, the American Bar Association 's Commission on Law and Aging looked into this problem and cited estimates that perhaps 4 percent of older adults are "the unbefriended elderly, " a chilling phrase referring to those who can 't make decisions for themselves, have no advance directive or surrogate decision maker, and have no family or friends able to assist. Span says, it 's an important question: If you don 't have relatives or close friends who can serve as your health care proxy or hold your power of attorney (which in most states involve two separate documents) are you supposed to resign yourself to whatever the emergency room physician or intensive care staff member decides to do, or not do, when you can 't direct your own care?
She also tells us that even with thinking ahead with the advanced directives, that someone still has to bring the documents to the attention of medical personnel. This person becomes what is called a forceful advocate on an incapacitated patient 's behalf. A suggestion is a care committee. Many people choose to have their attorney become their health care proxy but also have even chose their doctors. Getting these professionals to agree to take on this role is the other part of the task. Span closes her article with saying, that the court system can appoint a legal guardian to make those decisions on the elders behalf. But says that moast seniors don 't want to relinquish their independence or freedom away. So with all the statistics of numbers and laws that play into our lives in how our aging loved ones will be cared for, and where will we be financially in taking on this responsibility. Our children will have todo the same when we get to that point. It 's a great responsibility to take on.
Works Cited
(Bernstein, "With Medicaid, Long-Term Care Of Elderly Looms as a Rising Cost", The New York Times Sept. 7, 2012) (Span, Paula"When There 's No Family", The New York Times Sept. 23, 2013)
(Social Security. " Encyclopedia. Issues & Controversies." Facts On File News Services, n.d. Web. 9 Oct. 2013. .)