What Is Old Age Survivors Health Insurance

Old Age Survivors Health Insurance also known as OASI is a federal program that provides health benefits to people in the US who are over the age of 65 or who have a qualifying disability. The program is funded by payroll taxes paid by workers their employers it is administered by the Social Security Administration.

Who is eligible for OASI?

To be eligible for OASI you must meet certain requirements:

• You must be at least 65 years old.
• You must have earned enough work credits to qualify for benefits.
• If you are not yet 65 you may be eligible if you have a qualifying disability.

What benefits does OASI provide?

OASI provides a variety of health benefits to eligible individuals including:

• Hospital care
• Medical services
• Prescription drugs
• Mental health care
• Preventive services

These benefits are designed to help eligible individuals meet their health care needs improve their overall quality of life.

How is OASI funded?

OASI is primarily funded through payroll taxes paid by workers their employers. Most employees pay 6.2% of their earnings into the program up to a certain limit. Employers also contribute 6.2% of their employees’ earnings into the program.

In addition to payroll taxes OASI is also funded by income taxes paid by individuals who receive benefits from the program.

Conclusion

OASI is an important program that provides health benefits to millions of Americans over the age of 65 as well as those who have a qualifying disability. The program is funded by payroll taxes paid by workers their employers it is administered by the Social Security Administration. If you are eligible for OASI it can provide valuable health benefits that can help improve your quality of life.