How Does Social Security Work?
The basic premises of social security
First and foremost Social Security that is designed to help an individual to sustain themselves after an individual reaches the age of 65. This form of insurance is funded through payroll taxes that are taken out of an individuals paycheck throughout one's working life, and this money is accumulated, and will serve as the financial reservoir from which the individual withdraw their Social Security benefits. The benefits offered by this program also cover such events as an individual's disability, which will prevent them from being able to work, death benefits, as well as benefits for the survivors at the time of a spouse's death.
What Social Security provides
Social Security provides a number of benefits for many individuals within the population. One of the main things that Social Security provides, is retirement benefits and death benefits for individuals. In addition, Social Security provides unemployment benefits for individuals who have lost their jobs at no fault of their own, which will help them to sustain themselves until finding employment. This form of insurance also provides temporary assistance to needy families, which is important in our present economy. This insurance also provides much-needed health insurance for disabled and elderly individuals, through the Medicare program. The Medicaid assistance program is also one of the great benefits offered by Social Security, for individuals that cannot afford to pay for the medical expenses. Without this program many individuals would not be able to afford the medical care that they need.
Facilitation of Social Security
An individual must apply and be approved for Social Security benefits. All applications are thoroughly screened, in order to ensure that there is no fraud involved, and that only those that are eligible, receive benefits.