8.2.1 Currently Insured vs. Fully Insured
Credits are the determining factor between being classified as fully insured or currently insured. Once a person becomes fully insured, death benefits are extended to his (or her) family. In other words, the family becomes eligible for survivorship benefits.
Each credit = $1,130 (2012) annual FICA taxed earnings with an annual limit of four credits per year, no matter how much a person has worked or earned or paid in FICA taxes. ($1,120 in 2011)
$1,130 = 1 credit
$2,260 = 2 credits
$3,390 = 3 credits
$4,520 = 4 credits
$5,250 = 4 credits (maximum)
$6,300 = 4 credits (maximum)
Currently insured classification limits survivorship benefits. In order to be eligible, a person must have earned six credits during the 13-quarter period ending with the quarter in which the worker died.
Fully insured = 40 quarters of participating employment (full benefits)
Currently insured = 6 credits in the last 13 quarters prior to death (limited benefits)
