Social Iunsurance
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- Date Submitted: 11/13/2011 03:46 PM
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Cassey Maynard
HSM/240
Kay Talbert
November 11, 2011
Social Insurance
Many social programs are funded through social insurances like social security, Medicare, unemployment, workers compensation, and employment related insurances. A portion of peoples checks are set aside top help fund these programs. Some employers offer a match payment. This is where the employer will match whatever the employee pays in. The match payment is mainly used for social security. These programs are helpful when a person is unable to work. For example social security benefit is when a person reaches their golden years they will have some type of income coming in to help them survive. Workers compensations benefit is that if an employee gets hurt on the job they are offer medical attention and paid for the time off of work. Unemployment benefits are offered when a person has been unemployed or terminated for reasons that are not their fault.
Each of these social insurances has their setbacks along with the benefits. One of security’s set backs are that they are insensitive to demographic changes and the taxes that fund social security can penalized dual earner couples. One of unemployment’s set backs are that if an employer has a high unemployment rate they will have to pay a higher tax rate. The last social insurance mentioned was workers compensation which also has setbacks. One of those setbacks is that in some states the employee may have a limited time to recover and they may end up being out of work without pay.
Social insurances are insurances that very helpful to people as long as they are accepted. The sad thing is not everyone falls into the guidelines and may not receive benefits. Social insurance has more positives than negatives and if the U.S. did not offer them the majority of the U.S. would be in worse shape than they already are.
HSM/240
Kay Talbert
November 11, 2011
Social Insurance
Many social programs are funded through social insurances like social security, Medicare, unemployment, workers compensation, and employment related insurances. A portion of peoples checks are set aside top help fund these programs. Some employers offer a match payment. This is where the employer will match whatever the employee pays in. The match payment is mainly used for social security. These programs are helpful when a person is unable to work. For example social security benefit is when a person reaches their golden years they will have some type of income coming in to help them survive. Workers compensations benefit is that if an employee gets hurt on the job they are offer medical attention and paid for the time off of work. Unemployment benefits are offered when a person has been unemployed or terminated for reasons that are not their fault.
Each of these social insurances has their setbacks along with the benefits. One of security’s set backs are that they are insensitive to demographic changes and the taxes that fund social security can penalized dual earner couples. One of unemployment’s set backs are that if an employer has a high unemployment rate they will have to pay a higher tax rate. The last social insurance mentioned was workers compensation which also has setbacks. One of those setbacks is that in some states the employee may have a limited time to recover and they may end up being out of work without pay.
Social insurances are insurances that very helpful to people as long as they are accepted. The sad thing is not everyone falls into the guidelines and may not receive benefits. Social insurance has more positives than negatives and if the U.S. did not offer them the majority of the U.S. would be in worse shape than they already are.