What is Health Insurance

Health Insurance or Medical Insurance is a type of insurance that covers the whole or part of a person's risk incurring medical expenses. According to the Health Insurance Association of America, health insurance is defined as coverage that provides for the payments of benefits resulting from sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment.

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The individual insured person's obligations may take several forms

Premium: The amount the policyholder or sponsor (e.g., an employer) pays to the health plan to purchase health coverage.

Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share

Co-payment: The amount that the insured person must pay out of pocket before the health insurer pays for a particular visit or service.

Co-insurance: Instead of, or in addition to, paying a fixed amount up front (a co-payment), the co-insurance is a percentage of the total cost that the insured person may also pay.

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Exclusions: Not all services are covered.

Coverage limits: Some health insurance policies only pay up to a certain dollar amount for health care.

Out-of-pocket maximum: Like coverage limits, except that in this case, the insured person's payment obligation ends when they reach the out-of-pocket maximum, and health insurance pays all further covered costs.

  • Dental Insurance
  • Vision Insurance
  • Disability Insurance
  • Hospital Expense Insurance
  • Critical Illness Insurance
  • Medicare