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Social Security

Social Security is the federal program of old age and survivor benefits covering most employees and their eligible dependents. The government established the Social Security Administration under the Social Security Act of 1935 to provide retirement benefits, disability income and Medicare for working individuals and their spouses.

Am I covered?

  • Most employees in private industry, most self-employed persons and members of the U.S. Armed Forces are covered.
  • Participation is almost always compulsory, unless the type of employment or self-employment is specifically excluded from coverage.
  • A person in covered employment or self-employment must pay Social Security taxes, and is entitled to benefits if s/he meets the insured status requirements.

Exemptions

  • Although certain ministers who meet several requirements can exempt themselves from Social Security on the grounds of conscientious objection or religious principle, MMBB strongly recommends that ministers retain Social Security coverage due to the many benefits provided.
  • The election to be exempt from the requirements and benefits of the Social Security Act is irrevocable.

Benefits of Social Security

Programs provided by the Social Security Act include but are not limited to:

  • Social Security (retirement, survivors and disability insurance)
  • Supplemental Security Income (SSI)
  • Unemployment insurance
  • Medicare, which has four parts:
    • Part A: Hospital Insurance – helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care
    • Part B: Medical Insurance – helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance
    • Part C: Medicare Advantage – plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of the provider organizations under Part C
    • Part D: Prescription Drug Coverage – helps pay for medications doctors prescribe for treatment

For more information, visit the Social Security Administration website at www.ssa.gov and/or the Internal Revenue Service website at www.irs.gov.