What are the most dangerous social security and Medicare scams?
Let's examine five of the most dangerous scams dealing with Social Security and its companion program, Medicare. We'll cover how to identify them, where to report them, and what to do if you fall victim. These scams include: "Phishing" emails warning you about issues with your Social Security account.
Why do Republicans want to get rid of Medicare?
“The Republicans have run enormous deficits up to provide tax cuts to big corporations, millionaires and billionaires,” he said. “Now that we have this deficit problem that we caused with our tax bill, they turn around and they say they got to get rid of Medicare, Medicaid and Social Security.”
How many people receive Social Security and Medicare?
At the end of 2020, about 65 million people were receiving Social Security benefits and nearly 63 million were covered under Medicare. The trustees urged lawmakers to act sooner rather than later to address the long-term shortfall.
What are some common Medicare ID card mistakes?
The second version of “ID card mistakes” that we see happen often is that beneficiaries will present their Medicare card for drug-related expenses, or vice versa, their Part D card for non-drug related expenses. This is what happened to my client that I mentioned in the first paragraph of this post.
Who is responsible for Social Security and Medicare?
State and local government employees who are covered by Social Security and Medicare pay into these programs and have the same rights as workers in the private sector. Each state has a designated official, called the State Social Security Administrator, who is responsible for the state's Section 218 agreement.
Which president messed up Social Security?
President Richard M. Nixon1.SPECIAL MESSAGE TO THE CONGRESS ON SOCIAL SECURITY -- SEPTEMBER 25, 19694.STATEMENT ABOUT APPROVAL OF THE WELFARE REFORM AND SOCIAL SECURITY BILL BY THE HOUSE COMMITTEE ON WAYS AND MEANS--MAY 18, 197119 more rows
What is the problem facing Social Security and Medicare?
Social Security and Medicare are funded primarily through the collection of payroll taxes. Because of demographic and economic factors, including higher retirement rates and lower birth rates, there will be fewer workers per beneficiary over the long term, worsening the strain on the trust funds.
Which President raided the Social Security fund?
President Lyndon B. Johnson1.STATEMENT BY THE PRESIDENT UPON MAKING PUBLIC THE REPORT OF THE PRESIDENT'S COUNCIL ON AGING--FEBRUARY 9, 19644.STATEMENT OF THE PRESIDENT – March 23, 19655.REMARKS UPON PRESENTING A SOCIAL SECURITY CHECK TO THE 20-MILLIONTH BENEFICIARY--MAY 5, 196514 more rows
When did Congress start borrowing from Social Security?
As a stop-gap measure, Congress passed legislation in 1981 to permit inter-fund borrowing among the three Trust Funds (the Old-Age and Survivors Trust Fund; the Disability Trust Fund; and the Medicare Trust Fund).
Why is Social Security in trouble today?
With unemployment rates skyrocketing in 2020 — and sustained unemployment still in issue, as of June 2021 — there simply haven't been enough workers kicking in to Social Security. With fewer workers earning a wage and contributing payroll taxes, Social Security revenues have been dramatically lowered.
Is Social Security in financial trouble?
According to the 2022 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2035. That's one year later than the trustees projected in their 2021 report.
How Long Will Social Security be funded?
Introduction. As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
What to call if you receive a fraudulent call from Medicare?
If you believe you've received a fraudulent call regarding new Medicare cards, you should immediately call (800) MEDICARE (633-4227). If you've given away this sensitive SSA information, follow these steps: Visit IdentityTheft.gov or call the toll-free line at (877) IDTHEFT (438-4338).
When will Medicare cards be received?
It will be taken care of automatically, and all cards should be received no later than April 2019. If you're unsure that Medicare or Social Security has your correct address, you can update your information on your mySocialSecurity account or by calling (800) 772-1213.
How to contact SSA about identity theft?
You can also call the SSA's fraud hotline at (800) 269-0271 . 2. An "SSA employee" or robo-caller calling to verify your information.
What is the number to call if you give away sensitive information?
If you gave away any sensitive information, you should also call the same SSA number; call the SSA's fraud hotline at (800) 269-0271; visit the aforementioned website, IdentityTheft.gov; or call the toll-free identity-theft number at (877) 438-4338. 3. Attempts to get you to say "yes" to just about anything.
Can scammers get into my Social Security?
Email isn't the only way scammers will try to gain access to your Social Security information. Because the elderly are the primary users of the program, and because the elderly are less likely to be tech-savvy and using email on a regular basis, phone calls are another scamming medium.
Is Medicare a scam?
Finally, while it's not technically related directly to Social Security, there's a scam making its rounds right now dealing with new Medicare identification numbers. Congress recently enacted a provision requiring all Social Security numbers to be removed from Medicare filings.
How much did Social Security contribute to the deficit?
Social Security contributed $73 Billion to the U.S. deficit just in 2014. Social Security is expected to add to the U.S. deficit every year, due mostly in part to the increased retiring of Baby Boomers. Medicare. Medicare composes 15% of the U.S. Budget (2018).
How is Medicare paid?
Medicare’s Supplementary Medicare Insurance (SMI) is paid by an authorization of Congress (ie: paid by general tax revenues in annual budgets). The amount of payroll taxes withheld for Medicare is 1.45% for employees and 1.45% for employers.
How much is Medicare payroll tax?
The amount of payroll taxes withheld for Medicare is 1.45% for employees and 1.45% for employers. So if you earn say $50,000 a year, that’s $725 ($60.42 per month) in extra payroll taxes an employee and employer each pay annually.
What media companies are pushing false and misleading political propaganda?
It wasn’t long until a number of media companies including but not limited to MarketWatch, Forbes, CNBC, Los Angeles Times, Motley Fool, RCP, and many others, began pushing false and misleading political propaganda.
Why did Trump issue 4 executive orders?
WASHINGTON, DC. President Trump issued four Executive Orders after House Democrats refused to come to a consensus over another stimulus aid package for out-of-work Americans due to State-enforced business shutdowns.
Is Social Security money taxable?
The SSA then invests the money in U.S. Treasuries in a trust fund. SSA then pays out money each year as taxable benefits. Social Security has remained an ‘off-budget’ item since 1990 and is funded no matter what tax revenues the federal government has.
Does Congress get paychecks?
Despite millions being unemployed, Congress is guaranteed to get their paychecks and their healthcare and build their retirement benefits at taxpayer’s expense. This inaction by Congress led to President Trump’s Executive Orders (EO’s) for economic relief for Americans.
When will Medicare become insolvent?
Experts say the cost of Medicare and Social Security will become insolvent within the next two decades. Medicare will become insolvent in 2026, according to the program’s trustees, and trust funds for Social Security will be depleted by 2034.
Who said cuts to entitlements are needed to tackle the deficit?
Stivers was echoing the sentiments of party leaders like House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, who argue that cuts to entitlements are needed to tackle the deficit. “Frankly, it’s the health care entitlements that are the big drivers of our debt.
Who said the government has spent too much?
Instead of blaming the deficit on tax cuts, White House chief economic adviser Larry Kudlow said in September that the government has “spent too much” and that the White House would like to “slim that down as much as possible.”. “People are quick to blame deficits on tax cuts but I don’t buy that,” Kudlow said.
How much was spent on Social Security in 2018?
In fiscal year 2018, nearly half ($1.95 trillion) of federal spending was directed toward the major entitlement programs: $977 billion was spent on Social Security, $585 billion on Medicare and $389 billion on Medicaid.
Social Security and Medicare Withholding Rates
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
Additional Medicare Tax Withholding Rate
Additional Medicare Tax applies to an individual's Medicare wages that exceed a threshold amount based on the taxpayer's filing status. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar year, without regard to filing status.
Wage Base Limits
Only the social security tax has a wage base limit. The wage base limit is the maximum wage that's subject to the tax for that year. For earnings in 2022, this base is $147,000. Refer to "What's New" in Publication 15 for the current wage limit for social security wages; or Publication 51 for agricultural employers.
What is extra help for Medicare?
The Extra Help program provides savings on Medicare prescription drug coverage. Click here to read more about Medicare Extra Help. Start searching for Medicare Plans.
What is SSI funding?
SSI is a government program that is funded by “general tax revenues” as opposed to Social Security taxes. The program provides cash assistance for the purpose of paying for basic needs like food, clothing, and shelter. SSI is only for those who have little or no income/resources and are aged (over 65), blind, or disabled.
Do you have to apply for SSI and Medicaid separately?
However, if you live in Alaska, Connecticut, Hawaii, Idaho, Illinois, Indiana, Kansas, Minnesota , Missouri , Nebraska, New Hampshire, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Utah, Virginia, or the Northern Mariana Islands, you will have to apply for SSI and Medicaid separately, and one does not automatically qualify you for the other .
Can I qualify for Medicare if I turn 65?
You can qualify for Medicare if you: Turn 65. Are diagnosed with ALS. Are diagnosed with ESRD. Enter your 25th month of SSDI. If any of those things apply to you and you are ALSO eligible for SSI, then you may be able to have both programs.
Does the first $65 count as SSI?
The SSA does not count the first $65 plus half of the amount over $65 when determining SSI eligibility. What this basically means is that your SSI benefit will only be reduced by $1 for every $2 you earn after the first $65. For example, let’s say you work and earn $85.
Can I get medicaid if I have SSDI?
On the other hand, people with SSDI automatically qualify for Medicare after two years in the program.
Why does Medicare deny all claims?
Medicare will promptly deny all of those claims because they believe the bills should have gone to your employer insurance first. On occasion, we’ve even seen instances where the next year the employer again notifies Medicare that they are still covering you. This results in a whole new round of denied claims.
What happens if Social Security revokes Part B?
When Social Security revokes your Part B for non-payment, they notify your Medigap carrier, who promptly cancels your Medigap plan. Now you are left with no coverage for outpatient services, which includes doctor visits, lab-work, medical equipment, surgeries, chemotherapy, dialysis and many other expensive services.
How much does Medicare pay for lab bills?
So Medicare might pay 100% of your doctor’s office bill, and apply the deductible to the bill from the lab facility. Now the lab facility will bill you for $203.
How long do you have to wait to reapply for Medicare if you didn't pay your bill in
If you failed to pay your bill in April, you would wait 8 months to reapply in January. Then that new Part B coverage wouldn’t start for yet another 7 months. That would be 15 months without coverage for anything except your Part A hospital related services.
How to contact Social Security about Part B?
If you are enrolled in Part B before you begin taking Social Security, contact them at 1-800-772-1213 and ask them to set up bank draft for you. This is the easiest way to make sure you don’t overlook paying your Part B and causing yourself a world of hurt.
When is Medicare open enrollment?
Medicare has an annual election period in the fall, sometimes also called the open enrollment period. It runs from October 15 – Dec. 7 th. This is when you can make changes to your Part D drug plan or your Medicare Advantage plan if enrolled in one.
Can you call Medicare to confirm your primary coverage?
A quick call to Medicare to confirm your primary coverage can prevent denials and hassles. In a perfect world, your former employer would accurately notify Medicare that you are no longer working there. Then Medicare would know that it is now your primary insurance, and it would begin to pay as primary.
