Social Security

Herald & Lantern 2 November '83

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SS Taxes Used Only to Meet Program Cost

From time to time people io the local area have asked whether Soctkl Security taxes have ever been used for purposes other than payment of Social Security costs. The answer is no, not directly, a Social Security spokesperson said recently. Social Security taxes automatically go into the Social Security trust funds. Money from these funds can be used only to pay benefits and administrative costs of the programs ANY EXCESS funds, however, are invested in U.S. Government obligations which earn interest. The government can use this money, which it has borrowed, to pay for other programs and activities. This borrowed money has always been repaid with interest. In recent years, reserves have had to be liquidated and the government has had to return the money it has borrowed to pay benefits and other Social Security program costs. This is because incoming Social Security taxes have not been enough to pay all the costs. The U.S. Treasury Department has never been able to spend Social Security taxes for any other specific or general function of the Federal Government. THE INVESTMENT of the assets of the Social Security trust funds in U.S.

Government securities, just like any purchase of government securities by a private individual creates an obligation on the part of the U.S. Government. The trust funds are owed

this money plus interest, just as an individual who buys Treasury notes is owed the principal and interest on the investment after a specified period of time.

Deductible Going lip

Medicare beneficiaries will be paying more in 1984 due to continuing increases in health care costs, according to Oscar Ernst, Social Security district manager in Atlantic City. Following current law, he said, increases are mandated in the hospital deductible, co-insurance and monthly premium figures. Under Medicare Part A (hospital insurance) the deductible patients pay for the initial day of hospitalization will increase from $304 to $356 effective Jan. 1, 1984. The new deductible reflects higher average daily hospital costs. THE REMAINDER of covered costs for the first 60 days of hospitalization are paid by Medicare. The rise in the deductible also increases the coinsurance amounts beneficiaries must pay if they remain in the hospital for more than 60 days. From the 61st through the 90th day of hospitalization, the patient’s share will increase from $76 to $89 a day. Ernst said. For stays beyond 90 days the co-insurance will go up from $152 to $178 a day.

For a covered stay of more than 20 days in a skilled nursing facility, the Medicare patient will pay $44.50, instead of the current rate of $38 toward the cost of the 21st through the 100th day. THE BASIC monthly premium under Medicare Part B (supplemental medical insurance) will go from $12.20 to $14.60 a month on Jan. 1, 1984, he said. This increase will go into effect at the same time that Social Security beneficiaries receive their 3V? percent cost-of-living increase and isn’t limited to that figure. The Social Security amendments of 1983 set the monthly premium rate for calendar years 1984 and 1985 at a level equal to 25 percent of the expected average costs of supplemental medical insurance (SMI) for aged enrol lees, Ernst explained. SMI helps pay physicians' bills and a variety of other medical expenses. About 32,900 Atlantic County residents are enrolled in Medicare while 18,500 people qualify in Cape May County.

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IMPORTANT MESSAGE

This message is brought to you by the Southern Cape May County Lions Clubs. The Eye Screening Clinic located at the Burdette Tomlin Memorial Hospital is sponsored by your local Lions Club. This fully equipped clinic is capably staffed by qualified physicians. Applicants who need assistance should contact their local Lions Club for an eligibility Interview.

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