Government Insurance Programs
Both the federal government and state governments have developed certain insurance programs to meet specific insurance needs of the public.
Federal Government Insurance Programs
Some federal government insurance programs serve the public in a manner that only the government can.
One federal government insurance programs that requires mandatory participation is the Social Security program.
The Social Security Program
The social security Program formally known as Old Age Survivor’s Disability and Health Insurance Program (OASDHI) is a comprehensive program that provides benefit to millions of Americans, though certain private insurers have similar coverages, they cannot match the scope of Social Security Program.
The Social Security Administration, a federal government agency, operates the program and provides four types of benefits: -
- Retirement benefits to the elderly.
- Survivor ship benefits for dependents of deceased workers.
- Disability payments for disabled workers.
- Medical benefits for the elderly.
Other Federal Insurance Programs
Losses, which are highly concentrated and are also catastrophic nature, are not preferred risks by private insurers. Hence, federal government have come out with certain plans like National Flood Insurance Program and Federal Crop Insurance Program.
Who Provides Insurance
