Government social policy programs that are funded by premiums paid by people in the labor market to support the benefits given to participants are called ______________.

Question

Quizplus · Accepted Answer

Social insurance programs are funded by premiums paid by people in the labor market, such as Social Security and Medicare. Public assistance programs, on the other hand, are funded by general tax revenues and provide assistance to those in need regardless of prior contributions to the program. Private insurance programs are purchased by individuals or provided by employers. Unemployment insurance programs are funded by payroll taxes paid by employers and provide temporary income support to workers who have lost their jobs. The Temporary Assistance to Needy Families program is a type of public assistance program.

Government Social Policy Programs That Are Funded by Premiums Paid