What does Fully Insured Status mean? Read on to discover the definition & meaning of the term Fully Insured Status - to help you better understand the language used in insurance policies.
Fully Insured Status
The highest covered status under the Social Security benefits under the Old Age, Survivors, Disability, and Health Insurance (OASDHI) Act, entitling the worker to all types of benefits, including retirement. Before a worker can collect Social Security benefits under the OASDHI Act, he or she must have credit for a certain amount of covered work. Fully insured status is typically reached after 10 years of employment in a covered occupation.
We hope the you have a better understanding of the meaning of Fully Insured Status.