Health insurance describes any form of insurance that provides protection against medical service costs. It can cover a variety of medical scenarios. It covers medical and surgical expenses, and provides benefit payments that arise as a result of sickness or injury. It covers any losses from accident, disability, or accidental death.
Health insurance refers to any program that helps to pay for medical expenses. This can be privately purchased insurance, social insurance, or a social welfare program funded by the government. Health insurance can also be referred to as health coverage and health benefits.
Why Get Health Insurance?
Health insurance can relieve the financial burden of medical expenses. Having health insurance is important for several reasons. Insured people receive more medical care and timely care, and they have better health outcomes. Health insurance also contributes to a family's physical, emotional and financial well-being. Knowing you are insured can be a relief in case the worst happens.
An Insight Into Health Insurance
To determine the cost, a provider estimates medical expenses of the population. They then divide that risk among the group of subscribers. In concept, insurers recognize that one person may incur substantial unexpected expenses, while another may have none. The expenses are spread among a group to make healthcare more affordable for the common good.
Private and Public Health Care Coverage
Private health insurance is purchased on a group basis or by individual consumers. Many Americans with private health insurance receive it through an employer- sponsored program.
Public programs are the primary source of coverage for most seniors and low-income children and families.
Benefits Offered by Health Insurance
No one plans to get sick or hurt, but most people need medical care at some time. Health insurance covers these costs and offers many other significant benefits.
Essential Health Benefits
Health insurance covers essential treatments critical to maintaining your health. It also covers treating problems from illness and accidents. With health insurance, you and your family will receive treated sooner than someone without insurance.
- Low Costs: Health insurance protects you from unexpected medical expenses. Problems like heart disease and stroke can be very expensive to treat. Health insurance can help you avoid being stuck with large medical bills.
- Free Preventive Care: If you have health insurance, you can go to the doctor for preventive services. This empowers you to stay healthy and prevent serious illness. You can access free preventive care, including vaccines, screening, and some check-ups.
- Health Coverage: If you have a marketplace plan or other qualifying health coverage, you don't have to pay the penalty that people without coverage must pay.