SSS Contribution Schedule January 2014 Summary of SSS Benefits

SSS Contribution Schedule January 2014 Summary of SSS Benefits

SSS Contribution Schedule January 2014 Summary of SSS Benefits

Social Security System SSS Retirement Benefit

Social Security System SSS Retirement Benefit

What is the retirement benefit? 
It is a cash benefit either in monthly pension or lump sum paid to a member who can no longer work due to old age.

Who may qualify for a retirement benefit?

1.     A member who is 60 years old, separated form employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

2.     A member who is 65 years old whether employed or not and has paid at least 120 monthly contributions prior to the semester of retirement.

For Underground Mineworkers:

1.     Has reached the age of 55 years old and is an underground mineworker for at least 5 years (either continuous or accumulated) prior to the semester of retirement but whose actual date of retirement is not earlier than March 13, 1998; separated from employment or in the case of self-employed, has ceased self-employment, and has paid at least 120 monthly contributions prior to the semester of retirement.

2.     Has reached the age of 60 years old whether employed or not.

What are the types of retirement benefits? 
They are:

1.     The monthly pension - The monthly pension is a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.

2.     The lump sum amount -  The lump sum amount is granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.

How much monthly pension will a retiree receive? 
The monthly pension depends on the members paid contributions, including the credited years of service (CYS) and the number of dependent minor children but not to exceed five. The amount of monthly pension will be the highest of:

1.     The sum of P300 plus 20 percent of the average monthly salary credit plus 2 per cent of the average monthly salary credit for each accredited year of service (CYS) in excess of ten years; or

2.     40 per cent of the average monthly salary credit; or

3.     P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,000, if the CYS is 20 or more. The monthly pension is paid for not less than 60 months.

A retiree has the option to receive the first 18 monthly pension in lump sum discounted at a preferential rate of interest to be determined by the SSS. The option should be exercised upon filing of the first retirement claim. Only advance payments shall be discounted on the date of the payment. The dependents’ pension and 13th month pensions are excluded from the 18 months lump sum pension.

The member will receive the monthly pension on the 19th month and every month thereafter.

What happens when the retirement pensioner resumes employment? 
The monthly pension shall be suspended upon the re-employment or resumption of self-employed of a retired member who is less than 65 years old. The member shall again be subjected to compulsory coverage. At 65 year old whether employed or not, he can already claim for retirement benefit.

How much is the monthly pension of a member who retires after age 60 and who has contributed the required 120 monthly contributions? 
The monthly pension shall be the higher of the following:

1.     The monthly pension computed at the earliest time the member could have retired had been separated from self-employment or ceased to be self-employed plus all adjustments thereto; or

2.     The monthly pension computed at the time when the member actually retires.

A pensioner who retires more than once shall be entitled to the higher of:

1.     The monthly pension computed for the first retirement claim; or

2.     The re-computed monthly pension for the new claim.

How is the monthly pension paid? 
The monthly pension is paid thru the member’s designated bank. He is allowed to choose the bank nearest his residence thru which he wishes to receive his pension benefits under the “Mag-impok sa Bangko” program. This became mandatory effective September 1,1993.

A member must open a single savings account and must submit to the SSS his savings account number and a photocopy of his passbook upon filing of his application. The original copy of the passbook must be presented for authentication purposes.

Upon approval of the claim, the SSS will mail a notice voucher to the claimant informing when to withdraw the benefit from the bank.

Aside from the retirement benefit, what else can a retiree receive? 
The retiree is entitled to a 13th month pension payable every December. All retiree pensioners prior to the effectivity of RA 7875 on March 4, 1995 are automatically considered members of PhilHealth and he and his legal dependents are entitled to its hospitalization benefits. On the other hand, retirees effective March 4,1995 up to the present will be entitled to hospitalization benefits under PhilHealth only if they have contributed 120 monthly Medicare contributions. The counting of 120 monthly contributions shall start in 1972, when the Medical Care Act of 1969 started implementation.

A copy of DDR print-out indicating the type of claim is retirement in nature and the effectivity date of pensioner in its absence a copy of retiree-pensioner certification issued by SSS shall be required. They need to register under Philhealth for the issuance of a Philhealth ID card.

Are the children of a retiree member entitled to the dependent's pension?
The legitimate, legitimated, or legally adopted and illegitimate children, conceive on or before the date of retirement of a retiree will each receive dependents’ pension equivalent to 10 per cent of the member’s monthly pension or P250, whichever is higher.

Only five minor children, beginning from the youngest, are entitled to the dependents’ pension. No substitution is allowed.

If there are more than five dependents, the legitimate, legitimated or legally adopted children shall be preferred.

For how long will the dependent child receive his pension? 
The dependents’ pension stops when the child reaches 21 years old, gets married, gets employed or dies. However, the dependents’ pension is granted for life for children who are over 21 years old, provided they are incapacitated and incapable of self-support due to physical or mental defect which is congenital or acquired during minority.

What will happen to the monthly pension of a retiree in case of death? 
Upon the death of a retiree pensioner, the primary beneficiaries as of the date of retirement shall be entitled to 100 per cent of the monthly pension and the dependents to the dependents’ pension.

If the retiree pensioner dies within sixty (60) months from the start of the monthly pension and has no primary beneficiaries, the secondary beneficiaries shall be entitled to a lump sum benefit equivalent to the total monthly pensions corresponding to the five-year guaranteed period excluding the dependents’ pension.

What documents are needed in filing for a retirement benefit?

1.     Retirement claim application (SSS Form DDR-1);

2.     DDR Savings Account form;

3.     Certificate of Separation from last employer (for members less than 65 years old);

4.     Passbook (if pension);

5.     Certified true copies of birth or baptismal certificate of dependent children;

6.     Certificate of cessation of business or practice of profession (for self-employed less than 65 years old);

7.     Certified true copy of Marriage certificate (if with dependent children)

8.     Proofs of filiation for illegitimate dependent children; and

9.     SSS digitized or E-6 (acknowledgment stub) with two valid IDs, one of which with recent photo.

Where can a member file his retirement application? 
Applications forms for retirement benefit are filed at any SSS branch or representative office

Social Security System SSS Retirement Benefit

SSS Long Term Benefits

A. Disability Benefit
Cash benefit paid to a member who has paid at least one contribution and becomes permanently disabled either partially or totally.
Benefit is paid either in lump sum or pension. To qualify for a pension, member must have paid at least 36 monthly contributions.

B. Retirement Benefit
Cash benefit paid to a member who can no longer work due to old age and has reached the age of 60 (voluntary retirement) or 65 (compulsory retirement).
Benefit is paid in lump sum (if with less than 120 contributions) or pension (if with 120 contributions or more).

C. Death Benefit
* Cash benefit paid to primary beneficiaries of a deceased member who had paid at least 36 monthly contributions prior to the semester of contingency. In the absence of primary beneficiaries, the dependent parents shall be the secondary beneficiaries. In their absence, the beneficiary, shall be any other person designated by the member as his secondary beneficiary.

Minimun pension amount
Death and Disability
♦P1,000 if with less than 10 CYS
$P 1,200 if with at least 10 CYS $P 2,400 if with at least 20 CYS
Retirement
#P 1,200 for members with at least 10 CYS
#P 2,400 for members with at least 20 CYS

Funeral Benefit
^Benefit granted in cash amounting to P 20, 000
*to help defray the burial expenses of the deceased person
* Cash benefit is usually paid to the person who shouldered the funeral expenses
^Documents Needed:
- Claim Application
- Death Certificate
- Funeral Receipt
- Affidavit of Funeral Expenses

Other benefits
^Dependents pension
♦paid to dependent children, maximum of five, equivalent to 10% of basic pension or P250 whichever is higher
& Survivor’s pension
♦paid to the surviving dependent spouse of a pensioner, equivalent to 100% of the basic pension



SSS Long Term Benefits

SSS Salary Loan

1. ELIGIBILITY REQUIREMENTS
1.1 For a one-month loan, the member-borrower must have 36 posted monthly contributions, prior to the month of filing of application.
1.2 For a two-month loan, the member-borrower must have 72 posted monthly contributions, prior to the month of filing of application.
1.3 An employed, currently paying self-employed or voluntary member(SE/VM) who has 6 posted monthly contributions for the last 12 months prior to the month of filing of application.
2. LOAN AMOUNT
A one-month salary loan is equivalent to the 2.1
average of the member-borrower’s latest 12
monthly salary credits posted.
2.2 A two-month salary loan is equivalent to twice the average of the member’s latest 12 monthly salary credits posted (rounded to the next higher monthly salary credit, but not to exceed P24,000).


3. REPAYMENT TERM
The one-month or two-month salary loan shall be payable within two (2) years in 24 equal monthly installments.
4. INTEREST AND PENALTY
The loan shall be charged a nominal interest 4.
of 10% per annum. 1
First year’s interest shall be deducted in advance from the proceeds of the loan.
Second year’s interest shall be included in the monthly amortizations.
4.2    Loan amortization not remitted on due date shall bear a penalty of 1% per month.
5. SERVICE FEE
A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.
6. LOAN RENEWAL
The loan may be renewed after the prescribed amortization period of two (2) years.
Balance of P500 or less deducted from proceeds of new loan.



SSS Salary Loan

New Case Rate Packages from PhilHealth

New Case Rate Packages from PhilHealth -
August 18, 2011

NEW case rate packages for selected medical conditions and surgical procedures will soon be available in institutional health care facilities accredited by the Philippine Health Insurance Corporation (PhilHealth).

According to PhilHealth President and CEO Dr. Rey B. Aquino, "the shift from fee-for-service to case rates for these medical and surgical cases was prompted by developments taking place in the health care industry, most notable of which is the need to provide optimal financial risk protection especially to the most vulnerable groups, including the poorest of the poor."He added that better member appreciation and faster reimbursement of fees to health care providers were also among the major considerations for introducing this new type of provider payment scheme.

The use of case rates is an internationally accepted payment mechanism that serves to package payment for health interventions. Through this mechanism, members will be able to predict how much PhilHealth will be paying for each of the services provided. "Gone are the days when we could not even give a definite amount of benefits for each of these common medical conditions and surgical procedures," Aquino said, adding that "...now, the member is empowered with just the right amount of information he needs for a particular disease or illness."

Among the medical cases and the corresponding package rates are Dengue I (P8,000.00), Dengue II (P16,000.00), Pneumonia I (P15,000.00), Pneumonia II (P32,000.00), Essential Hypertension (P9,000.00), Cerebral Infarction (CVA I, P28,000.00), Cerebro-vascular Accident with Hemorrhage (CVA II, P38,000.00), Acute Gastroenteritis (P6,000.00), Asthma (P9,000.00), Typhoid Fever (P14,000.00), and Newborn Care Package in Hospitals and Lying-in clinics (P1,750.00).

On the other hand, the surgical procedures include Radiotherapy (P3,000.00 per session), Hemodialysis (P4,000.00 per session), Maternity Care Package (MCP, P8,000.00) coupled with the Normal Spontaneous Delivery (NSD) Package in Level 1 (P8,000.00) and Levels 2-4 hospitals (P6,500.00), Caesarian Section (P19,000.00), Appendectomy (P24,000.00), Cholecystectomy (P31,000.00), Dilatation and Curettage (P11,000.00), Thyroidectomy (P31,000.00), Herniorrhaphy (P21,000.00), Mastectomy (P22,000.00), Hysterectomy (P30,000.00) and Cataract Surgery (P16,000.00).

Aquino said the new case rate packages are available for all member-types admitted in any of the accredited institutional health care providers nationwide starting September 1. He, however, emphasized that "...for our Sponsored Program members who are admitted in government hospitals, the "No Balance Billing" (NBB) policy applies, meaning no other fees nor expenses shall be charged to or paid for by the patient-member above and beyond the package rate."

The NBB policy shall also apply to any other member type such as the employed, individually paying and overseas workers, who will avail themselves of the MCP and NCP in all accredited MCP non-hospital providers such as maternity clinics, and birthing homes.

"This policy was approved after a series of consultations with concerned medical societies and other institutional partners. These conditions and procedures were also among the top 49 percent of total claims we paid for over the previous years," the PhilHealth Chief noted. With all of these packages in place, the government agency needs about P3 billion for the next six to 12 months once members start availing themselves of the packages early next month. (END)

Philhealth hospital inpatient benefit - inpatient care benefits

Revised inpatient care benefits

The following are the maximum allowances or ceilings to be applied per single period of confinement** effective April 5, 2009 admissions onwards.

Click Image to Increase Size of Philhealth Hospital Benefit Level 3 & 4 (Tertiary)

Click Image to Increase Size of Philhealth Hospital Benefit Level 2 (Secondary)

Click Image to Increase Size of Philhealth Hospital Benefit Level 1 (Primary)

* Not to exceed 45 days for each calendar year.
** Refers to a confinement or series of confinements of the same illness not separated from each other by 90 days within a calendar year. In this case, a member or beneficiary is not entitled to another set of benefits until after 90 days. They can only avail of the unused portion of the benefits and the room and board fees until the 45 days allowance is exhausted.
However, a member can avail of new set of benefits if succeeding confinements are of different illness or condition.