What is Social Insurance?
Social insurance might be an unfamiliar term, but most people are familiar with its programs. Citizen-funded, government-administered programs that support the community in times of financial instability, whether due to financial hardship, disability, or age, are considered social insurance.
Social insurance programs are funded by the people who use them. Look at an average paycheck and you’ll see deductions for Social Security, Medicare, and unemployment. Those deductions feed the pool of benefits that create a safety net for retirement or in case of hardship or illness.Most people don’t think of Social Security payments, unemployment benefits, […]
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