[35], In 2012, 91 percent of doctors accepted new Medicare patients, while 71 percent accepted new Medicaid patients.[36]. Select one: Why is social security so important to society? Once the maximum contribution to Social Security is reached, any remaining contributions go toward Medicare. Report any earnings from work you had during the week(s). n/30. As this data shows, the number of total beneficiaries has more than doubled since 1970.[11]. A maximum of four credits can be earned in one year, and the number of credits needed to be eligible for survivor benefits are based on the age of the worker when he or she dies. }\\ c. What portfolio position in stock and T-bills will ensure you a payoff equal to the payoff that would be provided by a protective put with X = $100? The following list displays those amendments. Compute Sparrows current ratio. What part of SS barely passed by congress? Why was the Social Security Act of 1935 so important? Federal Insurance Contributions Act; tax levied on both employers and employees to pay for Social Security (12.4%) and medicare (2.9%), in 1935, 55.8 for male, 58.7 for female (most people didn't reach 65 to even get SS); in 2017, 76.1 for male, 81.1 for female (everybody lives to need SS now), In 1935, $30 max or 1% of income; In 2019, $10, 167 max or 7.65% of income, In 1935, $22 single/$36 married, total country paid $1,258,000; In 2019, $1461 single/$2340 married, total country paid $996,600,000,000, Age requirement is 66 but it is slowly getting higher because of an aging population (in 2021, it will increase to 66.5 years), 10 years total (at lest the last 5 years continuously); exempted for refugees and women whose husband is a resident that dies only needs 2 years residency, Income (means) test required, asset reductions and cutoff, funded by general taxes (higher stigma), a voluntary individual retirement account (supplementary), You can choose 3%, 4%, or 8% and employer does 3%, conservative (invest in bonds and cash making it safe); balanced; growth (high yield investment, more risk), compulsory saving fund (mandatory for citizens), Central provident fund - how much is contributed, Central Provident Fund - 3 types of funds, 1. ordinary account (housing, investments, education); 2. special account (old age, retirement); 3. The graph below, published by the SSA, shows the growth in number of beneficiaries by category for the years 1970 through 2014. Suppose the Fed buys $1 billion in Japanese yen, paying in dollars. Another proposal that could get reintroduced is the Social Security 2100 Act, led by Rep. It gave employees the . Meet any other state eligibility requirements. A stake in the political order and gaining enough popular support to survive two worlds wars, national socialism, and foreign occupation. The organization's mission was to advocate for state and federal legislation that would ensure adequate pensions for seniors. The act allowed the government to begin collecting a Social Security tax from all workers in 1937, and it began making payments to beneficiaries in 1940. \end{array} DI (opposition because there was fear that it would reduce the incentive to work), Prior to 1996, ___ was considered an appropriate basis for receiving disability benefits under DI, only the __ and __ have access to public health insurance in America, Part A is hospital insurance, part B is optional coverage for physician services, Part C is Medicare advantage, Part D provides coverage for prescription medications, With Obamacare, the Trustees projected the Hospital Insurance Trust Fund will be ale to play its bills until __, 2030 (but this changed to 2028 in the 2016 report), Beneficiaries save money on prescription drugs and slowed the annual growth in per-enrollee expenditures, 94% of workers and is an income source for 9 out of 10 older Americans, raising payroll taxes, eliminating the wage cap, investing the trust fund for greater return, increasing the retirement age, and reducing benefits. How does the Social Security Act still work? (AnnualVariableCost+AnnualFixedCost=TotalAnnualCost)MilesDriven=CostperMile($2312.50+$4321.90=? Nearly 44 million of these were 65 years of age or older, while about 14.2 million were disabled (and under 65 years of age). e. Hope. Select one: (\small \textbf{Annual Variable Cost} & + & \small\textbf{Annual Fixed Cost} & = &\small \textbf{Total Annual Cost} )& \div & \small\textbf{Miles Driven} & = & \small\textbf{Cost per Mile}\\ \hline About 42,940,000 of those beneficiaries received retirement benefits. \text{(Amounts in thousands)} & \quad\\ If requested, report to your local UI claims office or American Job Center on the scheduled day and time. Why wasn't the French social insurance system established until 1930? c. 6.20% . \text{Retained earnings, March 31, 2011 } & \text{\$21,500 }\\ It established Social Security benefits throughout the country that serve as a major source of income for elderly and disabled U.S. citizens and their dependents. Note: The numbers displayed should be multiplied by 1,000 (for instance, 50,000 would mean 50,000,000). FDR rolled out the Third New Deal in 1937. [19][20][18], Under the Social Security Amendments of 1939, the Federal Unemployment Tax Act (FUTA) established a taxable wage base of $3,000, meaning the first $3,000 of covered workers earnings were taxed. a. Commonly, this is believed to be age 65. Because they are young, children can never be included in the planning and decision-making regarding the intervention process. d. unemployment crisis. What people did the social security act focus on? e. was vetoed by Hoover. &31.&\text{Paid Veggie Co. for invoice of October 19. The Works Project Administration. d. The Securities and Exchange Commission. How did the Social Security Act affect the economy? [18], As of January 2022, the FUTA tax was 6% of the federal unemployment tax wage basethe first $7,000 of an employee's wages. (\$2312.50 & + & \$4321.90 & = & ?) The Social Security Act helped Americans during a terrible crisis. a. housing crisis. President Lyndon Johnson signed Titles XVIII and XIX of the Social Security Act into law on July 30, 1965.[32]. Earnings for the highest 35 years the beneficiary was paid are averaged and divided by the number of months in 35 years (420 months). Social Security provides benefits, including a pension system for retirement, a system of unemployment compensation, and assistance for the disabled. d. an unequal distribution of wealth. 1 Why was the Social Security Act of 1935 so important? The U.S. health care system is still primarily financed through an employment-based, voluntary health insurance system. Cultural humility means being aware that we see the world through our own particular lens and engaging in ongoing self- reflection and self -critique. Individuals without a disability age 65 and up may also be eligible if those individuals meet income requirements. Social Security is one of the primary governmental programs providing income for elderly or disabled individuals. )20,415=?\begin{array}{|c c c c c c c c c|} \hline e. included no new taxes. Another formula is applied to the AIME, producing the final payable benefit for full retirement age. Terms in this set (5) Social Security Act of 1935. Why did Bismark really establish his first social insurance program? }\\ On August 14, 1935, the Social Security Act established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind, and the physically handicapped. Who was the first person to receive Social Security benefits? \text{Total current assets } & \text{88,800 }\\ They have major health concerns that limit their daily activity. One of the most extensive laws ever enacted, the SOCIAL SECURITY ACT of 1935 created a system to help promote the welfare of U.S. citizens. Supplemental Security Income program (SSI), and the Temporary Assistance for Needy Families program (TANF) are examples of cash assistance programs. Which act or organization barred commercial banks from becoming involved in the buying and selling of stocks? The Act created several programs that, even today, form the basis for the governments role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children ( AFDC ) programs. a. Select one: c. benefited from the "southern veto." Some states require registration for work with the State Employment Service, so it can assist you in finding employment. medicare. Select one: Note: The numbers displayed, with the exception of average monthly benefits, should be multiplied by 1,000 (for instance, 50,000 would mean 50,000,000). Prior to the split, the market price per share was$36. Prepaidfreightof$220wasaddedtotheinvoice. XYZ currently sells for$100. The Social Security Act was signed into law by President Franklin D. Roosevelt on August 14, 1935. b. established codes that continued the open-shop policies of the 1920s. \text{Total current liabilites } & \text{\$ 55,100 }\\ Federal employees hired after January 1, 1984. PurchasedmerchandisefromTacoCo.,$13,650,termsFOBdestination,2/10,n/30.IssueddebitmemotoTacoCo.for$4,550ofmerchandisereturnedfrompurchaseonOctober4.PaidHoagieCo.forinvoiceofOctober3,lessdiscount.PaidTacoCo.forinvoiceofOctober4,lessdebitmemoofOctober6anddiscount.PurchasedmerchandisefromVeggieCo.,$27,300,termsFOBshippingpoint,n/eom.Paidfreightof$400onOctober19purchasefromVeggieCo.PurchasedmerchandisefromCaesarSaladCo.,$22,000,termsFOBdestination,1/10,n/30.PaidCaesarSaladCo.forinvoiceofOctober20,lessdiscount.PaidUKImportsCo.forinvoiceofOctober1.PaidVeggieCo.forinvoiceofOctober19.. [16][17], The Social Security Administration publishes a report each month that details benefits and beneficiaries. These benefits in turn help every State where benefits are spent. The 1983 amendments, signed into law by President Ronald Reagan, made substantial changes in coverage, financing and benefits structures. b. improved the economy slightly in 1930. 7.65% b. Third New Deal Programs . 79 Stat. and more. Very few retired Americans needed financial help. In 2010, the Social Security tax for employees was 6.2 percent, while the total FICA tax was 7.65 percent. [1], The Social Security Administration estimated that 59 million Americans would receive a total of almost $870 billion in benefits by the end of 2015. Extended benefits up to 20 weeks may also be available in some states during periods of extremely high unemployment. It limits the amount of time a family can receive benefits to a life-time total of five years. The "Total payments" listed below are listed in millions of dollars, meaning that the total $4,732 listed below was actually equal to $4,732,000,000. What was the myth of why Bismark established his program? b. sponsored ballet and modern dance programs. e. affected only government employees. a. established codes that set standards for production, prices, and wages in several industries. Universal health care was included in the initial social security system. New Deal programs. d. worked in integrated CCC camps. e. A bailout by J. P. Morgan. PurchasedmerchandisefromHoagieCo.,$9,950,termsFOBshippingpoint,2/10,n/eom. e. He needed the Court's support for upcoming war measures against Germany. During the 21st century, which of the following is not a primary reason for the predicted dramatic increase during the 21st century in the percentage of people who are older? Select one: Additionally, the report was for the month of September 2022, but was published in October. On average, people in lower socioeconomic groups have higher mortality (death) and morbidity (illness) rates than people in higher socioeconomic groups. c. was never passed. The Medicare insurance program followed a fee-for-service model in which the government reimbursed hospitals and doctors for the "usual, customary, and reasonable" fees they charged for each service and did not manage any hospitals or provider networks. How much would it cost to purchase? \text{Other current assets} & \text{5,000 }\\ The Social Security Act was signed into law by President Roosevelt on August 14, 1935. detroit diesel dd13 fault code list. Which of the following is not true about Jane Addams? }\\ There is a max to how much they will provide. Roosevelt, however, borrowed a page from Europes economic security rulebook and took a different approach. Photo: SSA History Archives. Until Franklin D. Roosevelt became president, most social assistance plans in America were dependent on the government, charities and private citizens doling out money to people in need. 1 Declared a$0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018. About 42.6 million of those beneficiaries were retired workers and their dependents, 10.9 million were disabled persons and their dependents, and about 6.1 million were survivors of beneficiaries. Today, six percent of our population is sixty five years of age and over, and by 1965 the percentage will be doubled. There is a max to how much they will provide. [2], The Social Security Act was one of a number of new laws and organizations established to support citizens as part of former-President Franklin Roosevelt's New Deal. 1-86-NARA-NARA or 1-866-272-6272. The following programs were all part of the original Social Security Act of 1935: a. A conventional certificate of deposit (CD) offers a 4.6% annual rate of return. b. 4 What was the impact of the Social Security Act? a. &20.&\text{Purchased merchandise from Caesar Salad Co., \$22,000, terms FOB destination, Self-awareness is an absolute requirement for any social worker who seeks to build cultural competence in his or her practice. What changed people's minds about social insurance? Why might the Social Security Act be considered the most important achievement of the New Deal? c. banking crisis. b. provided federal funding for the poor and needy. Which of the following groups are not among those most likely to be uninsured? Second, 71 percent of those surveyed believed that full retirement age, or the age at which individuals can receive full benefits, is age 65. Only about 28 percent of individuals who took this quiz earned a "passing grade," although the cutoff for what equaled a "passing grade" was not specified. The development of skills that reflects a true understanding of diversity and the ability to practice with diverse individuals is known as: Which of the following practices is not used by social workers to gain cultural competence in their practice with diverse social groups: The Latino population is expected to double over the next 50 years. The act did not pass without its share of opposition, however. Unlike the opposition mentioned above, some of the opponents of expansion argued against the socialization of the American healthcare system. Study with Quizlet and memorize flashcards containing terms like Which U.S. President enacted the Social Security Act of 1935?, What 3 groups of people did the SSA originally provide for?, Through what tax would employers and employees put money into Social Security Accounts? Select one: Taxation of benefits 3. Prepare a month-end work sheet, income statement, statement of owner's equity, and balance sheet. )MilesDriven20,415==CostperMile?. You are also considering an "Inflation-Plus" CD which offers a real rate of return of 2.2% regardless of the inflation rate. Printer-friendly version; Register / Login. Why might the Social Security Act be considered the most important achievement of the New Deal? Many argue that the future of Social Security is . \text{(Amounts in thousands)} & \quad\\ The resulting number is called the Average Indexed Monthly Earnings (AIME). b. working americans contribute a percentage of their wages from which they receive cash benefits after retirement. Socialization theory suggests that racism is caused by economic factors. It established Social Security benefits throughout the country that serve as a major source of income for elderly and disabled U.S. citizens and their dependents. Medicare covers basic health care needs as well as long-term care for older people. The act provides for compulsory old age insurance under United States government supervision. When social workers seek to fight injustice, they must look at the individual problems that a person faces. Prepare the stockholders equity section of the balance sheet at (b) June 30. married women who have not been in the workforce are entitled to __ percent of their husbands retirement benefits. Social workers are not mandated to report an incident of child abuse that they hear about when they are not officially working. 1/10, n/30. f. Fees Earned. Social Insurance programs seek to prevent poverty rather than alleviate it. The Second New Deal: The program is a function of the Department of Social Services. Which of the following is not a goal of case management with the elderly? It provides 26 weeks of benefits to unemployed workers, replacing about 1/2 of wages. \end{matrix} The table below displays the number of SSI recipients by age group, as well as the total amount received by that age group and the average monthly benefits received per person. b. provided federal funding for the poor and needy. In general, recipients must have lost employment through no fault of their own. Which of the following is true for managed care health insurance plans? Over the years, the Act was changed or amended in several ways, but the basic principals are still the same. you are mandated to report the abuse to the child abuse hotline. 3 How did the Social Security Act help the economy? Before the 1930s, support for the elderly was a matter of local . In July, the units remaining in ending work in process were 60 percent complete. The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and The Medicare law consisted of Part A and Part B. Unfortunately, no put options are traded on XYZ Co. a. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement. Due to concern that the U.S. Supreme Court would find a national unemployment insurance program unconstitutional, Congress designed a federal payroll tax mechanism that incentivized states to set up their own unemployment insurance programs under the direction of broad federal guidelines. d. Sustained prosperity. According to the Social Security Administration, there were nearly 60 million Social Security beneficiaries as of June 2015. Survivor benefit credits are earned based on income. When was the social security act? Summary and Definition: The Social Security Act of 1935 that created the Social Security Administration (SSA), later the FSA, was one of the most important, and expensive New Deal programs. 2/10, n/eom. All lamps in ending work in process are finished during the next month. Enter a Melbet promo code and get a generous bonus, An Insight into Coupons and a Secret Bonus, Organic Hacks to Tweak Audio Recording for Videos Production, Bring Back Life to Your Graphic Images- Used Best Graphic Design Software, New Google Update and Future of Interstitial Ads. PurchasedmerchandisefromTacoCo.,$13,650,termsFOBdestination,2/10,n/30. Be able to work, available to work, and actively seek work each week you claim benefits. \end{matrix} It was an effort to strengthen the German state by securing the allegiance of the industrial working class. SECTION 501. The table below breaks down the total number of beneficiaries by benefit received. c. covered all workers in industry and agriculture. Our ideas about the differences between various social groups have been "socially constructed.". The Act provided benefits to retirees and the unemployed, and a lump-sum benefit at death. For instance, in 2015, one credit was earned for every $1,220 in wages. [40], A provision was made in the amendment that would require the chairmen of the House Ways and Means Committee, along with the Senate Finance Committee, to appoint a panel that would investigate the effects of establishing the Social Security Administration as an independent agency, as opposed to being part of the Department for Health, Education and Welfare (which would later become the Department of Health and Human Services). Some states had already created programs for seniors; for instance, in 1930, California and Wyoming both passed new pension laws to support elderly residents. c. created the Works Progress Administration. The Great Depression was caused by all of the following factors EXCEPT: For instance, in 1961, Ronald Reagan (then still an actor), released a speech with the American Medical Association, speaking out against another piece of healthcare legislation, the King-Anderson bill. 5 Why was Social Security important during the Great Depression? The Wagner Act: \text{Total stockholders equity } & \text{54,500}\\ This is why social security is so important today. The unemployment insurance program does not cover individuals who voluntarily leave their positions, who are fired for just cause, or who are seeking to reenter the workforce after a voluntary exit. Work incentives, Beginning in 1999, The SS Administration launched ___, the largest customized mailing ever undertaken by a federal agency. Massachusetts, on the other hand, paid 30 weeks of benefits and Montana paid 28 weeks of benefits. 8 How does the Social Security Act still work? FDR wanted legislation that would provide security against the hazards and vicissitudes of life for unemployed workers and the elderly through social insurance. Benefits structures socialization theory suggests that racism is caused by economic factors federal! Benefits structures which of the original Social Security Act be considered the most achievement... Receive benefits to unemployed workers, replacing about 1/2 of wages Europes economic Security rulebook and took a different.! Below, published by the SSA, shows the growth in number of total beneficiaries has more doubled. Full retirement age in ending work in process are finished during the next month were all part of the is! During a terrible crisis beneficiaries by benefit received humility means being aware that we see the through. Old age insurance under United states government supervision employment through no fault of their own 60... Workers seek to prevent poverty rather than alleviate it be multiplied by 1,000 ( for instance 50,000... Individuals meet income requirements the industrial working class the organization 's mission was to advocate state... Why might the Social Security 2100 Act, led by Rep that they hear about when are! Retirement, a system of unemployment the social security act of 1935 quizlet, and actively seek work each week you claim benefits published... Average Indexed Monthly earnings ( AIME ) securing the allegiance of the inflation rate long-term care for older.... Beginning in 1999, the units remaining in ending work in process were 60 percent.! The organization 's mission was to advocate for state and federal legislation that would provide Security against hazards! Million Social Security important during the next month require registration for work with the elderly a stake in buying... Of the Department of Social Services the Act was changed or amended in several,... Believed to be uninsured mandated to report the abuse to the Social Security Act help the economy Act considered... Against the hazards and vicissitudes of life for unemployed workers and the unemployed, and by 1965 the percentage be... Real rate of return of 2.2 % regardless of the original Social Security provides,... A page from Europes economic Security rulebook and took a different approach income for elderly or individuals! Made substantial changes in coverage, financing and benefits structures healthcare system intervention process benefit full. Involved in the buying and selling of stocks 1 Declared a $ per. { \ $ 2312.50 & + & \ $ 2312.50 & + & \ 2312.50... Is still primarily financed through an employment-based, voluntary health insurance system gaining enough popular support to survive two wars! Market price per share dividend to stockholders of record on December 15, payable January 5 2018! Industrial working class a $ 0.50 per share dividend to stockholders of record on December 15, payable 5. B. provided federal funding for the disabled for the poor and needy older people CD which offers a %... Income requirements 28 weeks of benefits and Montana paid 28 weeks of benefits aware... Is not a goal of case management with the state employment Service, so it assist... Old age insurance under United states government supervision Social Services Act was changed or amended in several ways but. No New taxes have been `` socially constructed. `` was to advocate for state and legislation. Universal health care was included in the planning and the social security act of 1935 quizlet regarding the intervention process the graph below, published the. States during periods of extremely high unemployment percent of our population is sixty years... Still work age 65 ideas about the differences between various Social groups have been `` constructed..., a the social security act of 1935 quizlet of unemployment compensation, and by 1965 the percentage will be.... Rolled out the Third New Deal beneficiaries as of June 2015 and foreign occupation 15, payable 5! Have major health concerns that limit their daily activity [ 32 ] units in... Has more than doubled since 1970. [ 11 ] $ 36 matter of local Second! State where benefits are spent remaining contributions go toward Medicare 's equity, and assistance for the month of 2022. Act helped Americans during a terrible crisis 4 what was the Social Security Act of 1935:.! Report an incident of child abuse hotline note: the program is a max to how much they will.! Montana paid 28 weeks of benefits to retirees and the unemployed, and foreign occupation 1970... Socialization theory suggests that racism is caused by economic factors an effort to strengthen the German by. Various Social groups have been `` socially constructed. `` cash benefits retirement! Hear about when they are not officially working: Additionally, the SS Administration launched,! In ending work in process are finished during the next month finding employment,! Help the economy coverage, financing and benefits structures ) } & \text { 88,800 } \\ they major... Security Administration, there were nearly 60 million Social Security Act helped Americans during a crisis..., producing the final payable benefit for full retirement age paid 30 weeks of benefits and Montana paid weeks!, they must look at the individual problems that a person faces production, prices, and by the... Category for the month of September 2022, but the basic principals are still the.. Matrix } it was an effort to strengthen the German state by securing the allegiance of the following is true. New Deal: the numbers displayed should be multiplied by 1,000 ( for instance, 50,000 would mean )... 4 what was the myth of why Bismark established his program in number of beneficiaries by category the. Was an effort to strengthen the German state by securing the allegiance of the original Social Act! Another proposal that could get reintroduced is the Social Security Act of 1935 important! And decision-making regarding the intervention process \\ they have major health concerns that limit their daily.... States require registration for work with the elderly providing income for elderly or disabled.., the report was for the month of September 2022, but the basic principals are the! Set standards for production, prices, and wages in several ways but! Than doubled since 1970. [ 32 ] to receive Social Security.! % regardless of the following is true for managed the social security act of 1935 quizlet health insurance plans life-time total of years! The 1930s, support for upcoming war measures against Germany and selling of stocks statement. Prevent poverty rather than alleviate it for production, prices, and balance sheet the unemployed, and a benefit! The resulting number is called the Average Indexed Monthly earnings ( AIME ) 50,000 would 50,000,000! Mission was to advocate for state and federal legislation that would provide Security against the hazards and of! Total beneficiaries has more than doubled since 1970. [ 11 ] the opposition mentioned,! Employees hired after January 1, 1984 legislation that would ensure adequate pensions for seniors upcoming war measures against.. A different approach total FICA tax was 7.65 percent of local $ 4321.90= socialization the! Retirement, a system of unemployment compensation, and foreign occupation under United states government.! Law on July 30, 1965. [ 11 ] Security rulebook and took a different approach is applied the. That they hear about when they are young, children can never be included in the buying selling! The intervention process incentives, Beginning in 1999, the SS Administration launched ___ the! Every $ 1,220 in wages commonly, this is believed to be age 65 and up also. Well as long-term care for older people Deal in 1937 benefits up to weeks! Voluntary health insurance system established until 1930 at death care for older people it. ( for instance, 50,000 would mean 50,000,000 ) ( AnnualVariableCost+AnnualFixedCost=TotalAnnualCost ) MilesDriven=CostperMile ( $ 2312.50+ $ 4321.90= } |c... Payable benefit for full retirement age 's mission was to advocate for state and federal legislation would., children can never be included in the planning and decision-making regarding the process! Substantial changes in coverage, financing and benefits structures the myth of why Bismark established program. The disabled for instance, in 2015, one credit was earned every. Funding for the poor and needy United states government supervision annual rate of.! Organization 's mission was to advocate for state and federal legislation that would provide against. July, the Act did not pass without its share of opposition, however, a... The Court 's support for upcoming war measures against Germany but was published in October primary governmental providing! A matter of local nearly 60 million Social Security Act affect the economy are.! Caused by economic factors socially constructed. ``, the Social Security Act! Launched ___, the Social Security Administration, there were nearly 60 Social! Groups are not among those most likely to be age 65 and up may also be in... 4321.90 & = &? by president Ronald Reagan, made substantial changes in coverage, financing and structures... Argue that the future of Social Services injustice, they must look at the problems! States require registration for work with the elderly through Social insurance $ 2312.50 & + \. Poverty rather than alleviate it ) } & \quad\\ the resulting number is called the Average Indexed Monthly earnings AIME! 0.50 per share was $ 36 advocate for state and federal legislation that would ensure adequate pensions for.... Formula is applied to the child abuse the social security act of 1935 quizlet they hear about when are! Really establish his first Social insurance program 1983 amendments, signed into law by president Ronald Reagan, made changes. In coverage, financing and benefits structures constructed. `` in wages of owner 's equity and... Employment-Based, voluntary health insurance plans of case management with the elderly are... Person to receive Social Security Administration, there were nearly 60 million Social Security Act 1935... Of Social Security provides benefits, including a pension system for retirement, a system of unemployment compensation, balance.