WHY YOU ARE ENTITLED
At MisterMedicare™, we appreciate and fully understand the importance that insurance plays in minimizing risk and providing a safety net for beneficiaries when needed. As American workers, Iike many other people we talk to, we feel fortunate to be entitled to two of the most successful insurance programs in the world - Medicare and Social Security. Together, these two insurance programs work to form a safety net for American workers and their families who are either to old to work or unable to work because of illness, injury, disability, or early death. Medicare and Social Security are just different sides of the same coin, that provide a much needed safety net for American workers who have paid into the system. Medicare provides health care and Social Security provides income. These benefits are not free. These benefits are not need based. These benefits are provided to beneficiaries who paid for them.
The Old-Age, Survivors, and Disability Insurance (OASDI) federal program, sometimes just referred to as Social Security, in its current version of the Social Security Act of 1935 encompass several social welfare and federal insurance programs. While it is fair to say that the OASDI federal program does include several need based assistance or welfare programs that are funded through general tax revenue, Medicare is not one of them. In fact even though Social Security and OASDI are often used interchangeably, Social Security is not a welfare program. Social Security and Medicare are funded through dedicated payroll taxes called the Federal Insurance Contributions Act tax (FICA). Tax deposits are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which comprise the Social Security Trust Fund. This "Social Security Trust Fund" exists only as an accounting model, and is not an actual account with real cash.
All the FICA tax collected go into the general fund of the Treasury but it is money collected to pay beneficiaries their Social Security retirement and Medicare Part A (Hospital Insurance) benefits. It is a mandatory payroll deduction paid by American workers.
FICA tax deductions also provide benefits to widows and widowers, children who have lost working parents, and disabled workers who qualify for benefits. All funds paid in taxes throughout one's working career is linked to the Social Security benefit that a beneficiary receives as a retiree or one's family receives as beneficiaries if a covered worker dies. This means there is direct accountability for all money collected. The FICA tax is typically 7.65% of earnings up to $110,000 (2012 figure). Employees pay 6.2% of their earnings for Social Security retirement benefits, and their employer pays 6.2% for a total of 12.4% of a worker's income. An additional 1.45% tax is also collected to fund Medicare benefits and this, too, is matched by employers. These two separate taxes (6.2% for Social Security retirement and 1.45%% for Medicare Part A are added together and treated as one amount (total of 7.65%) that is referred to as "payroll taxes" or FICA. These two taxes, individually, pay for both Social Security retirement benefits and Medicare Part A Health Insurance, which means you are a payee for the Social Security and Medicare program. Self-employed people pay both halves of both taxes for a total of 13.3% of their net business earnings. These taxes are reported on Schedule SE with their income tax.
In the last couple of years, forces in the government have tried repeatedly to gunk up the system by reducing the FICA tax (reduced by 2% for tax year 2011 and tax year 2012), spreading rumors that the system is broke or that it is a pondsi scam, or that a "pay-as-you-go" system can't support the baby boomers, etc. These are all lies. If you listen and watch closely, you will notice that these are the same folks who are intent on the privatization of two of the most successful insurance programs in the world - Social Security and Medicare. Once in private hands, beneficiaries lose. Today there is direct accountability to the beneficiaries who have paid into the system. You know how much you have paid into the system simply by reviewing your paycheck or calling payroll if you work for an employer, or calling your accountant if self-employed. And your benefits are always available when you are eligible to receive them. While privatization of Social Security and/or Medicare would allow workers the freedom to control their own money via personal investment accounts or some other investment vehicle, it would also give private companies the freedom to steal legally and there would be not accountablity to beneficiaries. Financial markets are not accountable to anyone and private companies are only accountable by law to shareholders. Of course this would be a windfall for the financial industry and there's a lot of money at work trying to steer our politicians to pass new laws to make it happen. If privatization of Social Security and/or Medicare is successful, this would be a huge lost for the American middle class and the safety net that exist today would disappear.
No matter what you hear or read in the media, Social Security and Medicare are far from being bankrupt, with several trillions of dollar in surplus these programs are the only U.S. government programs that have a surplus and not in debt. Obliviously this scenario will change very quickly if suggestions to cut Social Security in order to fix the deficit are taken seriously or if we listen to the liars who would like the American public to think that the system is broke. With high unemployment among American workers and especially for individuals over 50, the increase of home forclosures and with reduced home values, the importance and need for these two insurance programs have never been greater. Reform is needed, but not the type that you read in the media. This is the time when we need to step up to the plate and make Social Security and Medicare stronger not cut funding by 2%, which was done by acts of Congress in 2010 for tax year 2011 and 2012. What were they thinking? Is Congress that dumb and/or financially irresponsible or do they think we are? I'm not a mind reader, you decide.
If America ever needed Social Security and Medicare, we need it now! Any politician that votes to cut benefits by raising the retirement age or reduce the amount paid to beneficiaries should be kicked out of office. The money that American workers have paid into these two insurance programs are not government funds. Any law maker who thinks that Congress can pass a law that could go into your personal savings account and dictate that even though you deposited $1000 into your personal saving account, that by law the government was only going to allow you to get $500 back of your own money, I know is a thief! I don't know about you, but I'm tied of the Wall Street bank bailouts, the Bush-era tax cuts, and the wars that kill American soldiers and line the pockets of those who profit from the American war machine. If we are going to give away money, let's give it to American workers who pay their fair share of taxes, work every day, and are willing to shed their own blood to fight for life, liberty and the pursuit of happiness when called upon. When you hear someone talk about making cuts to Social Security or Medicare, remember this is not monopoly money, this is money that is in the people's savings account and it is your money and mine that we paid a lifetime to fund. If you paid into the system, it's your money and this is why you are entitled to it!
To insure that you get your share of the benefits you paid for and are entitled to receive, request your free MisterMedicare Checkup™ now! Click on the link below, complete the form and hit the submit button. To learn about some of the more traditional insurance tools we use or to request a free on-line quote, please click on the words "Insurance Solutions" at the bottom of this page in bold red letters. Then click on any topic listed to receive a quote or to learn more about that topic. If you have any questions, please call (630) 847-0728. Thank you.
The Old-Age, Survivors, and Disability Insurance (OASDI) federal program, sometimes just referred to as Social Security, in its current version of the Social Security Act of 1935 encompass several social welfare and federal insurance programs. While it is fair to say that the OASDI federal program does include several need based assistance or welfare programs that are funded through general tax revenue, Medicare is not one of them. In fact even though Social Security and OASDI are often used interchangeably, Social Security is not a welfare program. Social Security and Medicare are funded through dedicated payroll taxes called the Federal Insurance Contributions Act tax (FICA). Tax deposits are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which comprise the Social Security Trust Fund. This "Social Security Trust Fund" exists only as an accounting model, and is not an actual account with real cash.
All the FICA tax collected go into the general fund of the Treasury but it is money collected to pay beneficiaries their Social Security retirement and Medicare Part A (Hospital Insurance) benefits. It is a mandatory payroll deduction paid by American workers.
FICA tax deductions also provide benefits to widows and widowers, children who have lost working parents, and disabled workers who qualify for benefits. All funds paid in taxes throughout one's working career is linked to the Social Security benefit that a beneficiary receives as a retiree or one's family receives as beneficiaries if a covered worker dies. This means there is direct accountability for all money collected. The FICA tax is typically 7.65% of earnings up to $110,000 (2012 figure). Employees pay 6.2% of their earnings for Social Security retirement benefits, and their employer pays 6.2% for a total of 12.4% of a worker's income. An additional 1.45% tax is also collected to fund Medicare benefits and this, too, is matched by employers. These two separate taxes (6.2% for Social Security retirement and 1.45%% for Medicare Part A are added together and treated as one amount (total of 7.65%) that is referred to as "payroll taxes" or FICA. These two taxes, individually, pay for both Social Security retirement benefits and Medicare Part A Health Insurance, which means you are a payee for the Social Security and Medicare program. Self-employed people pay both halves of both taxes for a total of 13.3% of their net business earnings. These taxes are reported on Schedule SE with their income tax.
In the last couple of years, forces in the government have tried repeatedly to gunk up the system by reducing the FICA tax (reduced by 2% for tax year 2011 and tax year 2012), spreading rumors that the system is broke or that it is a pondsi scam, or that a "pay-as-you-go" system can't support the baby boomers, etc. These are all lies. If you listen and watch closely, you will notice that these are the same folks who are intent on the privatization of two of the most successful insurance programs in the world - Social Security and Medicare. Once in private hands, beneficiaries lose. Today there is direct accountability to the beneficiaries who have paid into the system. You know how much you have paid into the system simply by reviewing your paycheck or calling payroll if you work for an employer, or calling your accountant if self-employed. And your benefits are always available when you are eligible to receive them. While privatization of Social Security and/or Medicare would allow workers the freedom to control their own money via personal investment accounts or some other investment vehicle, it would also give private companies the freedom to steal legally and there would be not accountablity to beneficiaries. Financial markets are not accountable to anyone and private companies are only accountable by law to shareholders. Of course this would be a windfall for the financial industry and there's a lot of money at work trying to steer our politicians to pass new laws to make it happen. If privatization of Social Security and/or Medicare is successful, this would be a huge lost for the American middle class and the safety net that exist today would disappear.
No matter what you hear or read in the media, Social Security and Medicare are far from being bankrupt, with several trillions of dollar in surplus these programs are the only U.S. government programs that have a surplus and not in debt. Obliviously this scenario will change very quickly if suggestions to cut Social Security in order to fix the deficit are taken seriously or if we listen to the liars who would like the American public to think that the system is broke. With high unemployment among American workers and especially for individuals over 50, the increase of home forclosures and with reduced home values, the importance and need for these two insurance programs have never been greater. Reform is needed, but not the type that you read in the media. This is the time when we need to step up to the plate and make Social Security and Medicare stronger not cut funding by 2%, which was done by acts of Congress in 2010 for tax year 2011 and 2012. What were they thinking? Is Congress that dumb and/or financially irresponsible or do they think we are? I'm not a mind reader, you decide.
If America ever needed Social Security and Medicare, we need it now! Any politician that votes to cut benefits by raising the retirement age or reduce the amount paid to beneficiaries should be kicked out of office. The money that American workers have paid into these two insurance programs are not government funds. Any law maker who thinks that Congress can pass a law that could go into your personal savings account and dictate that even though you deposited $1000 into your personal saving account, that by law the government was only going to allow you to get $500 back of your own money, I know is a thief! I don't know about you, but I'm tied of the Wall Street bank bailouts, the Bush-era tax cuts, and the wars that kill American soldiers and line the pockets of those who profit from the American war machine. If we are going to give away money, let's give it to American workers who pay their fair share of taxes, work every day, and are willing to shed their own blood to fight for life, liberty and the pursuit of happiness when called upon. When you hear someone talk about making cuts to Social Security or Medicare, remember this is not monopoly money, this is money that is in the people's savings account and it is your money and mine that we paid a lifetime to fund. If you paid into the system, it's your money and this is why you are entitled to it!
To insure that you get your share of the benefits you paid for and are entitled to receive, request your free MisterMedicare Checkup™ now! Click on the link below, complete the form and hit the submit button. To learn about some of the more traditional insurance tools we use or to request a free on-line quote, please click on the words "Insurance Solutions" at the bottom of this page in bold red letters. Then click on any topic listed to receive a quote or to learn more about that topic. If you have any questions, please call (630) 847-0728. Thank you.