Why is social insurance necessary?

social insurance, public insurance program that provides protection against various economic risks (e.g., loss of income due to sickness, old age, or unemployment) and in which participation is compulsory.

Is Social Security and Medicare a state or federal program?

Medicare is our country’s federal health insurance program for people age 65 or older. The Social Security Administration (SSA) processes your application and provides general information about the Medicare program.

Does the government control Medicare?

Medicare is a federal program. It is basically the same everywhere in the United States and is run by the Centers for Medicare & Medicaid Services, an agency of the federal government.

Is Medicaid and Medicare Part of Social Security?

SOCIAL SECURITY, MEDICAID AND MEDICARE Medicare is linked to entitlement to Social Security benefits. It is possible to get both Medicare and Medicaid. States pay the Medicare premiums for people who receive SSI benefits if they are also eligible for Medicaid.

Is Social Security beneficial?

Social Security provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social insurance protection to workers who become disabled and to families whose breadwinner dies.

Is Medicaid a federal program?

Medicaid is a state and federal program that provides health coverage if you have a very low income. They will work together to provide you with health coverage and lower your costs.

What government organization is responsible for administering the Medicare program?

The federal agency that oversees CMS, which administers programs for protecting the health of all Americans, including Medicare, the Marketplace, Medicaid, and the Children’s Health Insurance Program (CHIP).

What is the difference between Medicaid and Social Security?

Medicaid is run by the state, and usually has a faster application process. Social Security is run by the federal government through local offices. Medicaid only provides medical benefits. Social Security provides a direct cash payment.

Should the federal government privatize Social Security?

Most large-scale privatization plans also involve major new federal borrowing. Privatizing Social Security can boost workers’ rate of return by allowing retirement contributions to be invested in private assets, such as stocks, which yield a better return than the present pay-as-you-go retirement system.

Should Social Security and Medicare be abolished today?

If Social Security and Medicare were abolished today, everyone, including the elderly and the poor, would be much better off. For one thing, many seniors don’t need the money. They are sufficiently wealthy. Others might have to go to work to supplement their income. There is nothing wrong with that. There are lots of seniors working today.

Did the future of Freedom Foundation ever call for repealing Social Security?

Longtime supporters of The Future of Freedom Foundation know that we have always called for the repeal, not the reform, of Social Security, Medicare, Medicaid, and all other socialist programs. In my introductory essay in the very first issue of our monthly journal — January 1990 — which was called Freedom Daily at that time, I wrote in part:

Do young people have the money to replace Social Security and Medicare?

Second, young people actually do have the money to replace Social Security and Medicare. They just don’t realize it. Frederic Bastiat pointed out that the state is the great fiction by which everyone lives at the expense of everyone else. The federal government is not like a business operating in the marketplace.

Are Social Security and Medicare a never-never proposition?

People are dependent on Social Security and Medicare. There is no way we can do what you are calling for. When those people die off, then we can talk about freedom, but not before then.” In other words, with these two socialist programs, freedom becomes a never-never proposition.