Social Security is designed, as the title suggests, to
provide security. To protect individuals from unforeseen catastrophes,
the government spreads certain risks among all members of society so
that no single family bears the full burden of such occurrences.
The
Social Security Program was created in 1935 to provide old age, survivors,
and disability insurance benefits to workers and their families. Unlike
welfare, social security benefits are paid to an individual or his
or her family at least in part on the basis of that person's employment
record and prior contributions to the system. The program is administered
by the Social Security Administration (SSA) and since 1965 it has included
health insurance benefits under the Medicare program. While the original
act used Social Security in a broad sense and included federally funded
welfare programs and unemployment compensation within its scope, current
usage associates the phrase with old age, survivors, and disability
insurance.
The Federal Old Age, Survivors, and Disability Insurance
(OASDI) pays out monthly benefits to retired people, to families whose
wage earner has died, and to workers unemployed due to sickness or
accident. Workers qualify for its protection by having been employed
for a minimum amount of time and by having made contributions to the
program. Once an individual has qualified for protection, certain other
family members are, as well. Financial need is not a requirement.
