Is the money in the social security card the money we pay for medical insurance?

The money entering the social security account is mainly medical insurance. Every month, all the personal medical insurance contributions go into personal accounts, and the unit contributions go into personal accounts. The money in the social security financial account is collected by social security benefits or saved by the insured himself. Generally speaking, the medical insurance fee in the social security account cannot be withdrawn, and can only be used for medical insurance-related matters such as seeing a doctor, registering, and buying medicines. The money in the social security financial account can be used for transfer, withdrawal and consumption.

Before employees retire, the money in the social security account is related to the payment base and age. Different age groups have different proportions of capital injection. Simply put, the higher the payment base, the more social security cards there are. The older you get, the more social security cards you get.

Taking Qingdao as an example, the calculation formula of social security card payment for retired employees is as follows: monthly payment standard of social security card = payment base * proportion of capital injection by age group-payment base *0.2%-5. Among them, the proportion of capital injection by age group is: 2% under 35 years old, 2.2% over 35 years old and under 45 years old, and 3% over 45 years old.

It should be noted that the social security card financial account is not activated by default, and the cardholder needs to hold a valid ID card and activate the social security card issuing bank outlet. Its activation process is similar to that of a bank card, and the password of a financial account needs to be modified, which can be set as an independent password or the same password. After all, the social security card financial account is essentially a bank, but it is a social security card with special purpose. If the social security card financial account is not activated, it cannot be used, and naturally it cannot receive pension benefits, and it cannot be taken out.

After the social security card financial account function is activated, you can deposit and withdraw money, which is separate from the social security card medical insurance account. If you want to know how much balance there is, you can go to the ATM to check it yourself. If there is money in a financial account, you can withdraw it directly, just like an ordinary debit card.

Before employees retire, the money in the social security account is related to the payment base and age. Different age groups have different proportions of capital injection. Simply put, the higher the payment base, the more social security cards there are. The older you get, the more social security cards you get.