Statutory Benefits
Statutory Benefits
Workers’ Compensation- This program
provides benefits to workers who become
injured or ill as a result of performing their jobs.
Each state requires employers to provide these
benefits. In most states, these benefits are
provided through either a private insurance
arrangement or the employer may choose to
self-insure this risk.
Social Security- A federal program for old age
and related benefits covers most workers and
their dependents. This benefit is funded by
payments from employers, employees, and self-
employed individuals. Contributions are made
by employees at the rate of 6.2 percent and
matched by the employer if not self-employed.
Full access to these benefits usually is
available at age 65. Full access to these
benefits may increase to age 67 for some
recipients. Social Security also provides death,
disability, and survivor benefits.
Workers’ Compensation- This program
provides benefits to workers who become
injured or ill as a result of performing their jobs.
Each state requires employers to provide these
benefits. In most states, these benefits are
provided through either a private insurance
arrangement or the employer may choose to
self-insure this risk.
Social Security- A federal program for old age
and related benefits covers most workers and
their dependents. This benefit is funded by
payments from employers, employees, and self-
employed individuals. Contributions are made
by employees at the rate of 6.2 percent and
matched by the employer if not self-employed.
Full access to these benefits usually is
available at age 65. Full access to these
benefits may increase to age 67 for some
recipients. Social Security also provides death,
disability, and survivor benefits.
Medicare- A program sponsored by the federal
government to pay for certain medical expenses for
qualified individuals-primarily those over age 65 and
the disabled. The programs includes two separate
but coordinated programs: hospital (Part A) and
supplementary medical insurance (Part B). During a
person’s working years, contributions are made by
both employees and employers at a rate of 1.45
percent.
Medicaid- The Medicaid Program is a joint federal
and state program that provides medical assistance
for certain individuals and families with low incomes
and resources. Medicaid eligibility is limited to
individuals who fall into specific categories. Although
the federal government establishes general
guidelines for the program, the Medicaid Program
requirements are actually established by each state.
Whether a person can be eligible for Medicaid will
depend on the state where he or she lives.
government to pay for certain medical expenses for
qualified individuals-primarily those over age 65 and
the disabled. The programs includes two separate
but coordinated programs: hospital (Part A) and
supplementary medical insurance (Part B). During a
person’s working years, contributions are made by
both employees and employers at a rate of 1.45
percent.
Medicaid- The Medicaid Program is a joint federal
and state program that provides medical assistance
for certain individuals and families with low incomes
and resources. Medicaid eligibility is limited to
individuals who fall into specific categories. Although
the federal government establishes general
guidelines for the program, the Medicaid Program
requirements are actually established by each state.
Whether a person can be eligible for Medicaid will
depend on the state where he or she lives.
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