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Health insurance is a type of coverage that pays for a portion of the expenses related to medical care. The purpose of health insurance is to assist in reducing the costs of unforeseen medical events as well as planned treatments. It also provides preventive care and wellness programs to help you maintain your health.
What Is Health Insurance?
Health insurance is a contract between a company and a consumer. The company agrees to pay all or some of the insured person’s healthcare costs in return for payment of a monthly premium.
The contract is usually a one-year agreement, during which you are responsible for paying specific expenses related to illness, injury, pregnancy, or preventative care.
How does health insurance work?
Health insurance, or medical insurance, is a type of insurance you can get to help pay for covered medical expenses.
You pay a monthly premium to a health insurer, and in return, they agree to cover a portion of your medical costs, as outlined in the insurance policy.
You can typically use your health insurance benefits to help cover a range of services — such as doctor visits, routine checkups, hospital stays, surgeries, preventative care, and prescription medications.
You may be responsible for paying certain out-of-pocket expenses, like deductibles, copays, and coinsurance.
Why Should You Have a Health Insurance Policy?
Health insurance provides financial protection and gives you essential access to medical care. It can help you and your family manage the costs of healthcare when unforeseen medical emergencies, accidents, or serious illnesses arise.
Consider enrolling in health insurance for the following reasons:
- Helps save you money on healthcare: Health insurance pays a portion of your healthcare costs and can provide you with better rates on healthcare treatments and services.
- Helps you prioritize your health: Having health insurance may encourage you to seek medical care when you need it and promote overall well-being with regular checkups and preventative care.
- Allows you to focus on your recovery: By easing the financial burdens of healthcare, health insurance provides a sense of peace and security, allowing you to concentrate on your recovery with greater reassurance.
things to consider before choosing a health insurance policy:
- How much excess you’re happy to pay?
- The maximum monthly premium you’re willing to pay for health insurance
- Specific treatments you’d like included/excluded
- Whether you want outpatient services
- Some policies will have a minimum and maximum age
It’s important to remember that even if you are currently healthy, unforeseen circumstances like a car accident, injury, or cancer diagnosis can happen at any time.
Therefore, not having health insurance is a risky decision both for your health and your financial stability.
