Key Takeaway: Social Security provides retirement, disability, and survivor benefits to eligible individuals who have contributed to the program through payroll taxes. Medicaid and Medicare are government healthcare programs that provide medical coverage to eligible individuals. Medicaid is primarily for low-income individuals and families, providing coverage for medical expenses such as doctor visits, hospital stays,…
Key Takeaway: Social security originated as a private initiative to address welfare concerns, but shifted to a public system. The government played a major role in implementing social security, including the creation of laws and programs to support it. The benefits and drawbacks of public social security have been debated, with some arguing it provides…
Key Takeaway: Deferred social security taxes refer to the portion of payroll taxes that were temporarily suspended in 2020, but must be paid back in 2021 and 2022. To pay deferred social security taxes, it is important to understand the deadline for payment and available payment options, such as paying the entire amount upfront or…
Key Takeaway: Dual Entitlement allows a person to receive benefits from both their own Social Security record and their spouse’s record, increasing the overall benefit amount they receive. To qualify for Dual Entitlement, a person must meet certain requirements, including having a high enough primary insurance amount and being eligible for spousal benefits. The application…
Key Takeaway: Social Security Disability beneficiaries are eligible for healthcare insurance through Medicare after a two-year waiting period. Medicare Part A covers hospital expenses, while Part B covers medical expenses. Beneficiaries may also enroll in Medicare Advantage or prescription drug plans for additional coverage. Those who receive SSI may be eligible for Medicaid, which provides…
Key Takeaways: Receiving a lump sum payment can affect Social Security benefits in various ways, including impacting retirement benefits, disability benefits, and survivor benefits. It is important to consider factors such as tax implications, means-tested benefits, and Medicaid eligibility before receiving a lump sum payment. Consulting with a financial or legal expert can help ensure…
Key Takeaways: There are three types of attorney fee arrangements: contingency fees, hourly fees, and flat fees. It is important to choose the right arrangement for your specific case. Criteria for deducting attorney fees include making sure that the fees are related to a Social Security Disability claim, that they are reasonable, and that you…
Key Takeaway: Account lockouts can occur due to forgetting login credentials, entering incorrect information multiple times, or due to identity theft or fraud. Unlocking your Social Security account online is a simple process that involves visiting the Social Security Administration website and following a few quick steps, such as answering security questions or entering a…
Key Takeaways: An EIN is an Employer Identification Number, which is a unique nine-digit number assigned by the IRS to businesses and other entities for tax purposes. The Social Security EIN is important for businesses as all entities operating in the United States need it to file taxes, pay employees, open a business bank account,…
Key Takeaway: SSDI benefits are available to individuals with disabilities who have worked and paid Social Security taxes. To be eligible, you must have a medical condition that is expected to last at least 12 months or result in death, and that prevents you from working. To apply for SSDI benefits, you can do so…
Image credits: retiregenz.com by Joel Washington Five Facts About Why Would a Parent Need a Child’s Social Security Number: ✅ A child’s social security number is needed for tax purposes, including claiming them as a dependent on a tax return. (Source: IRS) ✅ A child’s social security number may be required for opening a bank…
Key Takeaway: Social Security benefits may be subject to taxation: If you receive Social Security benefits and have additional income from other sources, such as a pension, wages, or investments, you may have to pay taxes on your benefits. Income limits determine taxation: The amount of taxation on Social Security benefits is determined by your…