Insurance and Insurance Social Insurance Essay

Submitted By layce25
Words: 419
Pages: 2

Social Insurance

Social Insurance is insurance that protects people against different kinds of risk, such as loss of income due to sickness, unemployment or simply old age. For receive social insurance you must qualify for the assistance and be accepted. Even though you get accepted your choices of program and services may be limited to what you qualify for. Social Insurance is a type of compensation in a way. Social Insurance is funded by wither taxes or money that is paid on premiums by the workers themselves and businesses that are paying citizens for employment. With social insurance not being fully funded it make it no desirable in the eye of the people. There are drawbacks and benefits to having government fund these types of programs one major drawback is mainly seen In Medicare and Social Security, these funds are used to fund individuals who have never paid money to the system. It was always thought that the money that was collected from taxes it would pay for those programs and in the years to come it was not working out how they thought. Trying to rely on government fund was not meeting the needs of the people in need of these services. At the same time, the people that was receiving the benefits enjoyed knowing they were receiving them and it would be on the same day of the month. Unemployment insurance us a program that allows you to receive money if you lose your job due in involuntary termination from your job. So therefor, those who are actively looking…