social insurance

  

Definition

Form of compensation provided and controlled by a government for elderly, disable, or unemployed people. Acceptance in a social insurance program is not guaranteed and individuals seeking to be covered have to meet certain requirements. Social insurance may come in the form of healthcare of monetary compensation. In terms of social insurance programs geared toward healthcare, they typically include a network of doctors and hospitals that agree to see individuals covered under this type of plan. These providers are compensated by the government for their services. Medicaid, Medicare, and unemployment compensation are all examples of social insurance programs in the United States.

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