Old Age, Survivors, Disability, And Health Insurance (OASDHI)
Definition of "Old age, survivors, disability, and health insurance (OASDHI)"
Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the Social Security Act of 1935. Federal taxes are withheld from the paychecks of all covered workers, which includes most workers with the exception of public employees and certain union employees. Self-employed persons are also required to pay the tax. Benefits are paid to retired workers after age 65, with a partial benefit for retirees at age 62. Dependents and survivors of qualified workers also qualify for benefits, as do some categories of disabled workers and their dependents.
Popular Insurance Terms
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Entitlement of a pension plan participant (employee) to receive full benefits at normal retirement age, or a reduced benefit upon early retirement, whether or not the participant still ...
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