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Social Insurance

Social Insurance. Chapter 11. Programs. Social Security Medicare Unemployment Insurance Workers Compensation. Workers Compensation- History. Employer liability laws Need to prove employer’s negligence Common law defenses Contributory negligence Fellow servant rule Assumption of risk.

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Social Insurance

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  1. Social Insurance Chapter 11

  2. Programs • Social Security • Medicare • Unemployment Insurance • Workers Compensation

  3. Workers Compensation- History • Employer liability laws • Need to prove employer’s negligence • Common law defenses • Contributory negligence • Fellow servant rule • Assumption of risk

  4. Workers Comp - Principles • Absolute liability • Partial but final indemnity • Periodic payments • Part of the cost of operations • Mandatory insurance

  5. Benefits • Medical expenses • Disability • Total/Partial • Temporary/permanent • Survivor’s death benefits • Rehabilitation

  6. Features • Employee cannot sue • Benefits, coverage vary from state to state • Benefits are mandated • Some states have second injury funds • Some states cover disability not related to the job (Compulsory Temporary Disability Laws)

  7. Social Security/Medicare • Old-Age, Survivors’, Disability, and Health Insurance • Pay roll tax (15.3%) • Pay as you go system • Social security trust funds • Old age and survivors • Disability • Hospital insurance • Supplementary insurance

  8. Loss of benefits • Dependency status • Other income • Exempt income (pension, investment income) • Taxation of benefits • Does not go into general revenue

  9. Challenges • Can the system go broke? • Ratio of workers to retirees • Political decision making

  10. Unemployment insurance • State plans • Rationale for insurance • Market failure argument • “Employer paid” taxes • Experience rating

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