Topic 17 Types of Financial Protection Flashcards
(56 cards)
State benefits level of provision is minimal & benefits have eligibility criteria attached?
True or False
True
What does “Means tested benefit” mean?
Persons eligibility depends on the claimants circumstances income & savings
Criteria to some benefits is that a claimant has suffered a condition or a life event but what are the below?
- National Insurance Contributions (NIC) record
- Age
- Means tested savings/income
What some benefits are assessed on for a claimant
If somebody’s earnings or savings exceed a certain amount what may happen to the state benefit they may receive?
- Be reduced
- May not be payable at all
Which main benefit is means tested for income on new claimants?
Universal Credit
When assessing a claimant’s eligibility for Universal Credit what is it assessed on?
What is left after
- Taxes
- Rent
- Mortgage payments
Universal Credit is aimed at which type of claimant?
- Low income earners
- People looking for work
These are what benefit linked to Universal Credit?
- Income Support
- Income based Job Seekers Allowance (JSA)
- Income based Employment & Support Allowance (ESA)
What Universal Credit has replaced
These are what benefit linked to Universal Credit?
- Housing Benefit
- Child Tax Credit
- Working Tax Credit
What Universal Credit has replaced
Universal Credit is based on a?
Per-household or per-individual basis
Per- household
These are what in relation to Universal Credit?
- Aged 18 or over (some exceptions for 16-17 year olds)
- Low income or out of work
- Applicant or partner is under state pension age
- Household savings not over £16K
Eligibility for Universal Credit
What is Statutory Sick Pay (SSP)?
Sickness or disability benefit paid by employers to employees
Statutory Sick Pay (SSP) is paid if someone has been off work for how many days?
4 or longer
Statutory Sick Pay (SSP) is paid for a maximum of how many weeks in any spell of sickness?
28 weeks
If a person is below the lower earnings limit do they qualify for Statutory Sick Pay (SSP)?
No
Statutory Sick Pay (SSP) is “Means Tested”?
True or False
False
It is not
What is the Lower Earnings Limit (LEL)?
Amount above which a person is entitled to National Insurance Contributions (NIC) benefits
What is Employment & Support Allowance (ESA)?
Benefit for people who have a disability or health condition that affects how much they can work
To qualify for Employment & Support Allowance (ESA) claimants have to have done what?
- Been employed or Self-employed
- Paid sufficient National Insurance Contributions (NIC) in the last 2 of 3 years
What is Attendance Allowance?
Tax free benefit for people who have reached state pension age but required helps due to sickness or disability
Which level of Attendance Allowance benefit would someone who needs help with personal care by day or night need?
Lower rate Attendance Allowance
Which level of Attendance Allowance benefit would someone who needs help with personal care by day & night need?
Higher rate Attendance Allowance
What is a Personal Independence Payment (PIP)?
Payment that helps people with additional costs arising from illness or disability
What are these in relation to Personal Independence Payment (PIP)?
- Aged 16+ & is state pension age
- Has had difficulties with daily living or mobility for 3 months
- Expects difficulties to continue for at least another 9 months
Situations in which a Personal Independence Payment (PIP) are paid
