As Americans begin to think about retirement, one of the most difficult decisions is selecting the right time to submit a claim for Social Security benefits. For those already receiving benefits due to a disability, special rules apply. For everyone else, there are several options prompting many questions, including when benefits are increased and reduced. […]
Resources
Do Social Security Benefits Continue During a Government Shutdown?
The longest United States shutdown of federal offices began December 22, 2018 and lasted 35 days. When annual budget disputes within the government hit news headlines, there are understandable concerns from seniors and individuals under the age of 65 who qualify for Medicare due to disability who rely on the continuity of their Social Security […]
Does Social Security Go Up Each Year?
Tired of the daily grind at work and looking forward to the day you can retire and start checking things off your bucket list? Or are you one of the lucky people who love your job so much you never want to leave? In either case, you will probably have to start thinking about retirement […]
Does Social Security Disability Pay Child Support?
In the United States, the Social Security Administration pays around 2.6 billion dollars every month to over 4 million children of disabled, retired, or deceased parents. These funds are meant to offer financial support to the children and their families for a period of time depending on their eligibility. If you are disabled or retired […]
Does Social Security Cover Death Benefits?
After an individual reaches the age of retirement, Social Security benefits kick in to provide financial support for the remainder of the person’s life. In addition to the monthly benefit payments, there is an additional form of financial compensation that is provided to family members in the case that the individual receiving the benefits passes […]
What Does Medicaid QMB Cover?
Medicaid QMB, which stands for Qualified Medicare Beneficiary, is a program designed specifically for individuals that qualify for both Medicare and Medicaid coverage and that are financially unstable. This program provides these individuals with an alternative way to pay for their medical bills and can allow them to use Medicaid services to help cover the […]
Does Social Security Have a Surplus?
Certain Social Security benefits use a special government trust fund in order to secure payments to current and future beneficiaries who qualify for payments under various definitions. Those who qualify for Medicare coverage may also receive a form of Social Security payments from this fund. Understanding the Social Security Trust Fund The Social Security Trust […]
Does Medicaid Pay for Cremation?
Cremation is a choice many ponder for personal reasons based on reduced cost, fears about burial, consideration for the environment or to simplify arrangements. Medicaid covers neither funeral expenses nor the cost of a cremation or burial. However, Medicaid services and Social Security do provide alternative forms of support. How Medicaid Services Can Ease the […]
Does Social Security Count as Income for Medicaid?
Applying for Medicaid services involves an evaluation of your income and assets. These limits are determined by each state, but federal policy establishes what types of income and assets are counted or exempt for retirees. Common Types of Social Security Benefits The Social Security Administration (SSA) manages various benefits programs that pay cash allotments to […]
What is Social Security Quizlet?
On average, Social Security replaces about 40% of the income you had before retirement, according to Suze Orman. Orman, an acclaimed personal finance guru, strongly advises every United States citizen to register on the official SSA website, www.ssa.gov. On this site, you can read extensive information about how the program works, get answers to frequently […]
Does Social Security Still Issue Paper Checks?
The days of retirees receiving Social Security benefit checks by mail are long gone. The U.S. Department of Treasury began phasing that payment method out in 2011. Effective March 1, 2013, any new applications for Social Security or Supplemental Security Income benefits must include sign-up for electronic payments to a bank, credit union or a […]
What is Social Security File and Suspend?
Preparing for retirement involves a great deal of financial planning. If you are considering when you should retire and how your age may impact your Social Security benefits, it’s important you understand the options available to you. Eligible Ages for Retirement Benefits The Social Security Administration awards a certain percentage of retirement benefits according to […]
Does Social Security Get Taxed?
Social Security has been one of the most important financial and social initiatives in the history of the United States, and today, many retirees rely on the Social Security program to pay bills and supplement other forms of retirement income. If you’re receiving Social Security payments, especially if you’re new to the program, you may […]
Does Medicaid Cover Home Health Care?
You may be interested in receiving home health care services if you’re recovering from a long-term illness, injury or reach a stage in your life when you need assistance with certain daily tasks. Original Medicare benefits may cover the costs of skilled nursing care or home health care under specific circumstances, but Medicare does not […]
How Does the Social Security Administration Calculate Your Benefits?
Are you close to retirement age and dreaming about the day you can say good-bye to your nine to five job? If so, you may be wondering whether you will get enough money from your Social Security benefits to live the life you have been planning for. Retirement is an important milestone in every adult’s […]
Does Medicaid Affect Financial Aid?
As beneficiaries of a needs-based program for low-income households, Medicaid recipients may need financial assistance to help them address a variety of needs. Common Types of Financial Assistance Financial aid comes in many forms. Some programs pay the recipient directly, while others take over partial or full payments for a service or bill in the […]
Does Social Security Cover Short-Term Disability?
Short-term disability is usually the result of an unexpected health crisis. Even though you may not be able to predict your need for short-term care due to a sudden illness or injury, it is important to know your options if you ever need it. Short term disability coverage is designed for workers that become temporarily […]
Does Medicaid Check Bank Accounts?
Medicare recipients may also qualify for Medicaid if their income is below the threshold for eligibility in their state. However, the process for determining this eligibility may require you to share several types of financial documents with the agency in your state that manages this needs-based program. What Counts as Income and Assets? When Medicaid-assigned […]
Does Social Security Recognize Power of Attorney?
For people who are aging, ill, or have a disability and expect to be in situations where they will no longer have the capability to oversee their own personal matters, it is common to have a lawyer draft a power of attorney. In very simple terms, a power of attorney is a legally binding document […]
Do Social Security Benefits Increase with Age?
Ever since 1937, American workers and employers have been paying Social Security taxes and collecting benefits after meeting eligibility criteria. Today, approximately 61 million Americans collect their monthly retirement benefits. In 1983, the United States Congress passed further legislation to gradually increase the age for beneficiaries to get their full benefits. Initially, a person had […]