* Hospital Insurance
expenses for an extra 365 days in the hospital,
Who is eligible for benefits under Part A Hospital Insurance
In general, what is the Hospital Insurance
(Part A) protection provided by Medicare?
(The hospital insurance
tax is imposed on all of a taxpayer's self-employment income.) However, an above-the-line deduction is permitted for one-half of the self-employment tax paid by an individual and attributable to a trade or business carried on by the individual (not as an employee).
The tax is equal to the combined employer-employee Social Security tax and is 12.40% OASDI tax on the first $106,800 of self-employment income in 2010, or a maximum tax of $13,243.20, plus 2.90% hospital insurance
tax on all self-employment income in 2010.
(Part A) provides institutional care, including inpatient hospital care, skilled nursing care, post-hospital home health care, and, under certain conditions, hospice care.
The report provides detailed information on the past and estimated future financial operations of the Hospital Insurance
and Supplementary Medical Insurance Trust Funds.
"Although Congress has never allowed a Medicare trust fund to become exhausted, under the current payment structure, a person who is 54 years old today cannot be assured that Medicare hospital insurance
benefits will be there when he or she turns 65 and first becomes eligible for Medicare," said Centers for Medicare and Medicaid Services acting Administrator Kerry Weems.
Major topics of this presentation include: potential health care reform approaches, possible ways forward for Social Security reform, Social Security and Medicare's hospital insurance
trust funds, and state and local governments' fiscal challenges.
THE MAIN SOCIAL SECURITY trust fund, the Old-Age and Survivors Insurance fund, might not run out of cash until 2041, but the main Medicare fund, the Hospital Insurance
fund, could empty out by early 2019.
The first part is 12.4%, which is the component for old-age, survivors and disability insurance (OASDI); the second part is 2.9%, which is the component for hospital insurance
in addition to withholding federal income taxes, under the Federal Insurance Contributions Act (FICA), an employer is required to withhold social security taxes, including hospital insurance
tax, from the wages.