A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1954 to provide that any individual may elect to be exempt from coverage under the social security program.

Amends the Internal Revenue Code of 1954 and Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to authorize individuals who are enrolled in private retirement, disability, and hospital insurance programs, to voluntarily exempt themselves from Federal Insurance Contributions Act taxes and from the Old-Age, Survivors, and Disability Insurance and Medicare programs.

States that any election of such exemption shall be irrevocable.