Old-age and Survivors Health Insurance is commonly referred to as Old-Age, Survivors, and Disability Insurance (OASDI) in the United States. This program is part of the Social Security system and provides financial support to individuals who are retired, disabled, or survivors of deceased workers.
Essentially, OASDI comprises two main components: benefits for elderly individuals who have reached retirement age and benefits for the survivors of deceased workers, including spouses and dependent children. The program is funded through payroll taxes collected under the Federal Insurance Contributions Act (FICA).
OASDI plays a significant role in providing a safety net for millions of Americans, offering monthly benefits based on the taxpayer's earnings history. This system ensures that those who have contributed to Social Security during their working years can rely on it for financial assistance in old age or in the event of a disability or loss of a primary wage earner.
In summary, while "Old-age and Survivors Health Insurance" may refer to health-related benefits for elderly individuals, it is more accurately associated with the OASDI program when discussing comprehensive financial support under the Social Security Administration.