Old-age, survivors, disability and health insurance program

A program administered by the Social Security Administration which provides monthly cash benefits to retired and disabled workers and their dependents and to survivors of insured workers; it also provides health insurance benefits for persons aged 65 and over, and for the disabled under age 65. The health insurance component of OASHDl was initiated in 1965 and is generally known as Medicare. Commonly known as social security, the legislative authority for the program is found in the Social Security Act, originally enacted in 1935. The program is an example of social insurance.


A period in a person’s life, usually taken to be after the age of sixty-five.


 


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