Quote:
Originally Posted by RainMaker
With unemployment I just think it could be better privately. We all pay 6.2% on the first $7000 we make. That's on top of whatever the state has for a program. So in essence, we are all paying for "insurance" one way or the other.
If you did it privately, it would allow those who don't need it to not have it. High school kids, college kids, or those working small part-time jobs would not have to give up that kind of money for something they'd never need. On top of it, if it was private, you could pay for more customized coverage.
Lets say you have a really in-demand skill and know that you'll never be out of work for more than 3 months. So buy a plan that will cover you for up to 3 months at a cheaper rate. Lets say you have a family and can't afford to miss or have any reduced income. Buy a more expensive plan and get your full salary. Or if you have a huge nest egg, don't bother with anything at all.
We all currently pay into a plan that doesn't really suit anyone in particular. I just think a more customized approach would work better for everyone and having a lot of competition would get everyone good rates. On top of it, it would be in their best interest for you to get a job quickly so maybe they offer job placement services or training for free.
I know when someone says eliminate unemployment it can sound heartless, but I actually think in this case it gives people way better options (including those who get hit hardest by job loss). Wouldn't you rather have a custom plan for your job based on what you need on a monthly basis and how long you think it would take to find new work?
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While I'd want to see it in detail, I can at least buy the premise of this. However, nobody should "know" they won't be unemployed for more than three months.