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Show Page 4 UTAH FARM BUREAU DO WE FEEL THAT THE PURPOSES OF SOCIAL SECURITY ARE CHANGING ? August To finance these increased benefits and greater coverage there has increase in Social Security taxes. Further increases are scheduled for the future. Farm Bureau resolutions urge that Social be efficiently administered, so Security programs, including Medicare, that the costs do not become prohibitive to those who contribute. As farmers we are concerned about the increasing costs of our own Social we must make for our Security payments and the larger contributions workers. Another resolution opposes increases in benefits which are not adequately financed by Social Security taxes. The use of general tax revenues for the payment of benefits is frowned upon. There was a time when many farmers questioned the need for being covered by Social Security. They felt that most farmers could take care of themselves as they grew older . Today, there has been a change in this attitude, and more farmers have accepted the idea that Social Security is a good thing. Most of us believe, however, that Social Security programs should be designed to supplement rather than to replace individual thrift and personal responsibility. been 4D(DMIL SIECHMW MdDuw is it wnirlkimqyf an FINANCING SOCIAL SECURITY Through Social Security the farmer and his family are protected against loss of income due to retirement and old age, disability, or death. Medicare protects us against the heavy medical expenses of old age. The following table will be helpful to us in estimating the monthly benefit payments available under the amended Social Security Act. EXAMPLES OF NEW MONTHLY BENEFIT RATES From the first years of marriage, a couple should look to the golden years of retirement. How well has the Social Security plan taken care of this pressing need? Because earnings of $6,600 cannot be credited for any years before 1966, and earnings above $6,600 cannot be credited before 1968, benefits shown in these able for some years to come. columns wil SOCIAL SECURITY AND MEDICARE Almost every family in the United States is covered by Social Security, and has a concern for how well it is working now and will work in the future. As farmers we have been covered by Social Security since 1955, while regularly employed farm workers came under te provisions of the Act in 1951. The Old Age and Survivors Insurance provisions of the first Social Security Act became effective on January 1, 1937, at the depth of the Depression. The Social Security Act was amended in 1967 for the twelfth time to provide for the largest increase in total cash benefits in its history, an average of 13 percent In the lower brackets, some of these increases were as high as 25 percent Additional cash benefit payments in 1969 will be $3,700,000,000. There are approximately 24 million Americans now receiving Social Security cash benefits at a monthly rate of about $2 billion, or $48 billion a year. About one fourth of this group, 5,600,000 are under 65; 3,400,000 are widow's and children; another 2,200,000 are disabled workers. There has been an increase of almost 45 percent during the past six years in the number of persons receiving Social Security payments. President Johnson stated, upon signature of the latest amendments, that these increases would raise one million persons above the poverty .level for the first time. "Today Social Security and Medicare stand as two of the most historic programs ever enacted by Congress," he said. "They stand as two of the most far reaching programs ever carried out by a Government Agency." self-employ- ed Medicare benefits are a part of the Social Security Act and they became effective July 1, 1966. There were some 1967 amendments which broadened its coverage. I ractically all of the 19.5 million people age 65 and over are eligible and participating in the hospital insurance provided for in Part A. About 95 percent, or over 18 million, have also signed up for Part B, the voluntary medical insurance. The basic hospital insurance plan is financed by Social Security taxes. The supplemental medical insurance plan is financed through a monthly premium of $4 a month, which is matched by a Federal payment of the same amount which comes from general revenues. A Medicare handbook was mailed in the spring of 1968 to everyone who has this insurance, and it is impossible in this Guide to discuss the details. It tells about the additional benefits available. There are certain hospital expenses not paid by Medicare Part A, such as the first $40 of a person's hospital bill and $10 each day toward the hospital bill after the first 60 days. Certain medical expenses are not paid under Medicare Part B such as, the first $50 of medical exeach penses year plus 20 percent of all expenses above that amount These non covered expenses make it extremely worthwhile for Farm Bureau members age 65 and over to purchase supplementary insurance. |