Tennessee Insurance Practice Exam

What is Old Age and Survivors Health Insurance (OASDHI) also known as?

1. Medicare

2. Savings Insurance

3. Social Security

4. Supplemental Security Income

The correct answer is: Social Security

Old Age and Survivors Health Insurance (OASDHI) is primarily known as Social Security. This program provides financial support to individuals during their retirement years, as well as to the survivors of deceased workers. The foundation of Social Security is to ensure that aged individuals and the families of deceased workers can maintain a basic standard of living. The term encompasses different aspects of the Social Security program, which includes not only old age benefits but also benefits for survivors and the disabled. The Social Security Administration administers these benefits. Thus, referring to OASDHI as Social Security captures the essence of the program and its intended purpose to provide economic security for individuals and families in various life stages. The other options represent different programs or benefits that serve specific purposes distinct from those of OASDHI. Medicare, for instance, is a separate program primarily focused on providing health insurance for individuals aged 65 and over, while Supplemental Security Income (SSI) is a program for individuals with limited income who are aged, blind, or disabled, which does not directly correlate with the broader functions of OASDHI. Savings Insurance is not a recognized term within the context of social welfare programs.