Social Security Amendments

Social Security Amendments - Increases basic title II benefits under the Social Security Act (Old-Age, Survivors, and Disability Insurance). Requires benefit computation on the five highest years of earnings.

Requires the cost-of-living benefit increases under title II of the Act to be prepared in response to a Special Consumer Price Index for basic commodities and services (reflecting food, fuel, gasoline, and electricity costs), in addition to the Consumer Price Index.

Provides for the payment of full widow's and widower's benefits at age 62.

Repeals the outside earnings test for determination of benefits under title II of the Social Security Act.

Eliminates the eligibility requirement of 20 quarters coverage within the last 40 quarters, in favor of a simple 20 quarters coverage.

Reduces the waiting period for disability benefits from five to three months.

Increases from 100 to 200 days the coverage under medicare of post-hospital extended care services.

Provides for coverage of prescription drugs and annual physical examinations under the Supplementary Medical Insurance Program pursuant to the medicare provisions of the Social Security Act.

Allows an individual over 65 to elect exemption from social security taxes and coverage under social security.